Magnetic Maharashtra summit: India to achieve $5 trillion economy by 2025, says PM Modi; Reliance pledges Rs 60,000 cr to state

The global investors’ summit is targetting fresh investment in the state after it bagged 51 per cent of total Foreign Direct Investment (FDI) in India. PM Modi laying emphasis on his government’s efforts said that in the last three years the NDA has repealed 1,400 laws and the new ones are being written with the intent of simplifying the overly complicated system.

PM Modi in Maharashtra HIGHLIGHTS

As part of the massive investments expected under the summit, Reliance Chairman Mukesh Ambani announced the setting up of Rs 60,000 crore Integrated Industrial Corridor in the state terming it as the “Cradle of fourth industrial revolution.”

Meanwhile, Virgin Hyperloop Chairman, Richard Branson signed an “intent agreement” with Maharashtra government to build a hyperloop transportation system between Mumbai and Pune. The new system will substantially reduce the travel time between the two cities to 25 minutes from three hours. “We have signed an agreement with Maharashtra to build a Virgin Hyperloop between Mumbai and Pune, beginning with an operational demonstration track in the region,” Branson said.

Among other investors, Anand Mahindra of Mahindra group announced an investment of Rs 2,300 crore in the state along with plans to explore options to set up a film-centric entertainment destination in Kandivali budgeted at Rs 1,700 crores.

All You Need to Know About Magnetic Maharashtra 

Reaching Mumbai in the afternoon, the Prime Minister first laid the foundation stone for Navi Mumbai International Airport which is pegged to be the biggest greenfield project in the aviation sector in India. Stressing on the growth of the sector in last three years, the PM said, “India’s aviation sector is growing tremendously. There is a sharp increase in the number of people flying. This makes quality infrastructure in the aviation sector of prime importance.” The Prime Minister targetting the UPA government at the centre said, “Tomorrow someone will come and say that this was conceptualised during their time, but why didn’t they finish it. Projects worth Rs 10 lakh crore are underway which were previously stuck on papers.”

The prime minister also inaugurated the fourth terminal of Jawaharlal Nehru Port Trust (JNPT) and stressed the crucial advantage of sea routes in trade and development. Modi said that government is working not only for the development of ports but also for the port-led development under the Sagarmala project.

Prime minister Narendra Modi talks with Maharashtra CM Devendra Fadnavis during the opening ceremony of the Magnetic Maharashtra Convergence 2018 in Mumbai. (Source: PTI Photo)

Prime Minister Modi, who had a busy schedule, dedicated the Wadhwani Institute of Artificial Intelligence formed jointly with Wadhwani AI, Government of Maharashtra and University if Mumbai to the nation. The PM, pointing out the importance of AI for India, said that the technology will have a huge role in the future and will contribute in development. “With the arrival of Artificial Intelligence, bots and robots, there is no doubt that our productivity will further go up. But, there are also rising fears of human redundancy because there is a competition between the mind and the machine,” Modi said. The PM went on to add, “The march of Technology cannot be at the expense of further increasing the difference between societies over access to technology. The evolution of Technology has to be rooted in the ethics of Sabka Saath, Sabka Vika.”

After completion of his engagements in the state, the Prime Minister visited the Lilavati Hospital and enquired about the health of Goa Chief Minister Manohar Parrikar, who is undergoing treatment in the hospital.