Maharashtra preferred FDI destination; contributes 14% to national GDP, says Guv

Mumbai: Maharashtra Governor CP Radhakrishnan on Monday said the state is a preferred destination for foreign direct investment (FDI) and contributes more than 14 per cent to the country's gross domestic product (GDP).

The governor, addressing the joint session of the state legislature on the first day of the budget session, asserted that Maharashtra was one of the leading industrial states in the country.

He said the state government has signed memoranda of understanding (MoUs) worth approximately Rs 15.72 lakh crore with 63 national and international companies during the World Economic Forum in Davos, Switzerland, in January, and these investments will generate more than 15 lakh employment opportunities.

Radhakrishnan said the state government is committed to resolving the Maharashtra-Karnataka border dispute and has appointed expert advocates to represent Maharashtra before the Supreme Court.

"Maharashtra is a preferred destination for FDI and contributes more than 14 per cent to the country's GDP," the governor said.

He noted that the state government plans to disburse an investment promotion subsidy of about Rs 5,000 crore to industries in Maharashtra to attract investments, foster industrial growth, and generate employment opportunities.

Radhakrishnan said the government, through the Maharashtra Industrial Development Corporation, has decided to allot approximately 3,500 acres of land to support and encourage industrialisation and will notify 10,000 acres for industrial purposes.

He further said that the government plans to develop 10 integrated industrial parks and integrated logistics parks to enhance industrial growth, improve supply chain efficiency and create a world-class business ecosystem.

The government has approved the launch of the Maharashtra Technical Textiles Mission to strengthen and expand the textile sector, the governor said.

He said more than 1.32 lakh youths have been trained under the Chief Minister Yuva Karya Prashikshan Scheme, which aims to increase the employability and provide skilled manpower to industries.

The government has set a target to train 10 lakh youths in 2024-25 and has allocated Rs 5,500 crore for this, he added.

Radhakrishnan said the government organised 611 Pandit Deendayal job fairs in districts across Maharashtra in 2024-25, and more than 19,000 candidates have secured jobs.

Speaking about infrastructure development, the governor said the government will construct the Nagpur-Goa Shaktipeeth Expressway, which will connect major religious and pilgrimage sites on the route.

"The expressway will reduce travel time and foster economic growth in the region. It will be built at an estimated cost of Rs 86,300 crore," he said.

The government has also decided to implement the Ram Kal Path project in Nashik to preserve the region's Ramayana-linked heritage and transform it into a pilgrimage destination, he said.

He further said the government is dedicated to effectively implementing Nagarotthan Mahabhiyan, which aims to complete ongoing projects for water supply, sewerage and development in urban areas in two years.

The governor said MoUs have been signed with 13 agencies for electricity storage and grid stability by implementing pumped storage projects on a PPP basis for 38 projects.

He said these projects will generate 55,970 megawatts of power, and Maharashtra is expected to receive an investment of Rs 2.95 lakh crore and create more than 90,000 employment opportunities.

The government has installed 3.12 lakh solar irrigation pumps as part of the Magel Tyala Saur Pump Yojana, under which 10 lakh solar pumps will be provided to farmers in five years, he said.

Radhakrishnan said Maharashtra has set the target to become the first state in the country to solarise all agriculture feeders under the PM-KUSUM and Mukhyamantri Saur Krushi Vahini schemes, and 119 feeders with a combined solar power capacity of 147 MW have been commissioned in nine months.

In the housing sector, the government is implementing the Pradhan Mantri Awas Yojana (Urban) in 409 urban clusters. More than two lakh houses have been constructed, and work is underway for more than 1.85 lakh houses, he said.

He said more than 12.64 lakh houses have been built in the first phase of the Pradhan Mantri Awaas Yojana — Gramin, while more than 16.81 lakh houses will be constructed in phase II.

The governor said the state government has launched the Agristack scheme to facilitate speedy and effective delivery of government schemes to farmers using digital services.

He said the government has selected more than 95 lakh farmers as beneficiaries under the Pradhan Mantri Kisan Sanman Yojana, and more than 87 lakh farmers have been provided Kisan credit cards.

The government has set a crop loan disbursement target of Rs 74,781 crore in 2024-25, and Rs 55,334 crore has been disbursed to farmers through banks, he said.

Talking about crop procurements, under the minimum support price scheme, the government has procured 11,21,385 tonnes of soybean through 562 centres in 2024-25, and during the Kharif marketing season, it purchased more than 7 lakh tonnes of paddy and 171 tonnes of coarse grain.

The governor said the government has launched the Maharashtra cyber security project, equipped with cutting-edge technology, skilled manpower and resources, in Mhape, Navi Mumbai, to help police personnel investigate cyber crimes.