India needs to attract investors exiting China: Devendra Fadnavis

Addressing the valedictory session of the Advantage Maharashtra Expo in Aurangabad, Fadnavis said there was an exodus of industries from China, which was the 'factory of the world', with about 40 per cent of manufacturing globally done there

Maharashtra Deputy Chief Minister Devendra Fadnavis on Sunday said India should be ready to attract industries exiting China, as global investors have realised they "cannot put all eggs in one basket".

Addressing the valedictory session of the Advantage Maharashtra Expo in Aurangabad, Fadnavis said there was an "exodus" of industries from China, which was the "factory of the world", with about 40 per cent of manufacturing globally done there.

Fadnavis also said that the Eknath Shinde-led Maharashtra government has cleared investment proposals worth Rs 90,000 crore in the last six months.

''Global investors have decided to leave China now, and the only country which has the capacity to digest this exodus is India. We need to attract them, as investors have realised they can't put all their eggs in one basket," the deputy chief minister said.

This is an opportune time and "we have to be ready," he said.

Despite recession, India is growing at 7 to 8 per cent because of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi to make India self-reliant, Fadnavis said.

He further said since the Eknath Shinde-led government took over in Maharashtra, there has not been a single day that they have not interacted with potential investors.

Also Read: Maharashtra govt on ventilator support, won't last till February, says Raut

Investors are interested in Maharashtra because of the "pro-industry approach and political stability," he said.

"A government has to be approachable. The previous regime did not hold a meeting of the cabinet committee on investment for 15 months. While in the last six months, we have held two meetings and cleared investment proposals worth Rs 90,000 crore," Fadnavis said.

In order to attract investors coming out of China, the government and industries should come together to create the right ecosystem, he said.

The deputy CM said the future of Aurangabad Industrial City (AURIC) is the Aurangabad-Jalna belt and in six months, it will have connectivity to Mumbai and the Jawaharlal Nehru Port Trust (JNPT).

For manufacturing to grow and be a part of the global supply chain, port connectivity is necessary, he said.

At least 100 plots are reserved in AURIC for micro, small & medium Enterprises (MSMEs), he said, adding that a policy will be unveiled soon for extra incentives for industries which are away from the port.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!