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Wednesday, January 27, 2021

Maharashtra: Govt signs agreements worth Rs 61,000 cr with 25 companies

The MoUs were signed in the presence of Chief Minister Uddhav Thackeray and Industries Minister Subhash Desai.

By: Express News Service | Mumbai | December 23, 2020 3:36:44 am
Uddhav Thackeray, Maharashtra government signs MoUs, Magnetic Maharashtra' initiative, Mumbai news, Maharashtra news, indian nexpress news"It is important that entrepreneurs invest in Maharashtra even in times of crisis. The investment of Rs 1,12,000 crore in just six months during the Covid-19 crisis is certainly a great example of Maharashtra for the entire country," said Uddhav Thackeray.

The state government on Tuesday signed memorandum of understandings (MoUs) worth Rs 61,000 crore with 25 Indian companies in more than 15 sectors under its ‘Magnetic Maharashtra’ initiative. The MoUs signed are expected to create 2.53 lakh jobs across the state.

The MoUs were signed in the presence of Chief Minister Uddhav Thackeray and Industries Minister Subhash Desai.

The proposed investments are from IT, pharmaceuticals, healthcare, biotechnology, food processing, steel, automobiles, engineering and oil and gas sectors among others.

Assuring the government support to the investors, Thackeray said, “It is important that entrepreneurs invest in Maharashtra even in times of crisis. The investment of Rs 1,12,000 crore in just six months during the Covid-19 crisis is certainly a great example of Maharashtra for the entire country.”

He added that the concept of ‘Udyog Mitra’ is great, as it will resolve the problems of entrepreneurs on priority, leading to an increase in the speed of work.

Some of the MoUs signed include the JSW Steel (Rs 20,000 crore), Indian Corporation (Rs 11049 crore) and Rs 7500 crore each by K Raheja, Kirtikumar Steel Udyog and Inspire Infra Projects.

Subhash Desai said that of the 29 MoUs signed earlier, 21 entrepreneurs have been given land for their projects.

“Efforts are being made to bring direct investment and increase employment. A relationship manager has been appointed for each industry to increase investment,” he added.

Earlier this year, the government had launched key investment promotion initiatives under ‘Magnetic Maharashtra 2.0’, such as Plug & Play Infrastructure, Maha Jobs, Maha Parwana, Investor First Program, Capacity Augmentation of MIDC land banks and Dedicated Country Desks.

In June, MoUs with an investment of Rs 17,000 crore were signed under ‘Magnetic Maharashtra 2.0’ while agreements of investment worth Rs 35,000 crore were signed last month.

Industry officials said that the state has attracted investments of about Rs 14,000 crore through organic investments through its advanced single window system in 2020.

New assistance scheme for start-ups announced

Mumbai: The state government on Tuesday announced a slew of initiatives to boost start-ups in Maharashtra, including providing financial assistance to those that wish to file for patents.

“The start-ups offering innovative solutions often incur significant expense while applying for patents. Many miss out due to high expenses involved. The government has decided to lend a hand,” said Skill Development Minister Nawab Malik.

To survive in a highly competitive start-up ecosystem, young entrepreneurs often race to file patents to guard their Intellectual Property Rights.

Malik said that the initial plan is to provide assistance up to Rs 10 lakh to about 125 to 150 start-ups, subject to a maximum 80 per cent contribution by the state-run Maharashtra State Innovation Society. Those filing for domestic patents will be entitled to assistance worth Rs 2 lakh, while those vying for international ones can avail up to Rs 10 lakh. The minister added that the scheme will be applicable to all utility patents, industry design patents, copyrights (limited to computer coding) and trademark application.

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