Maharashtra govt sets up investment promotion agency with budgetary provision of Rs 3,000 crore

Mumbai: The state govt on Friday set up a new investment promotion agency called ‘Invest Maharashtra’.The governing council of the company will be headed by chief minister Devendra Fadnavis.A budgetary provision of Rs 3,000 crore has been approved for Invest Maharashtra, out of which Rs 1,000 crore has been fixed as a catalytic fund to focus on revenue generation and scalable impact.Officials said states like Tamil Nadu, Karnataka, Gujarat, Uttar Pradesh, Telangana, Andhra Pradesh and Rajasthan have gone beyond their industrial capacity and established investment promotion institutions as well as global investor facilitation centres, which are enabling them to attract investments and enhance global connectivity.They said that for Maharashtra to maintain its leadership position and achieve the goal of a $1 trillion economy by 2030, a new “world-class” investment promotion agency has been set up. The new agency is set up under Section 8 of the Companies Act, 2013, under the industries department.The industries department is led by Shiv Sena minister Uday Samant, but now with Invest Maharashtra governing council and board of directors headed by the CM, officials said all investment promotion activity will be controlled by Fadnavis.In the governing council, both Dy CMs will be co-chairmen, the industries minister will be the vice-chairman and the principal secretary (industries) will be the member secretary.“The country is rapidly moving towards the goal of becoming a ‘Developed India' by 2047. For this, through a strategic framework, it is making strong progress towards becoming a 5 trillion US dollar economy by 2028 and a 30 trillion US dollar economy by 2047. Today, India has become a symbol of stability, resilience and development. India is the fastest growing major economy in the world and has emerged as a reliable global partner. Also, India has become known as a country that promotes innovation, manufacturing sector and sustainable development. At the center of this national development story is the state of Maharashtra, known as the economic powerhouse of India, with a share of about Rs 51 lakh crore in the national Gross Domestic Product (GDP), as well as contributing more than 15.4% to the country’s industrial production. Maharashtra has consistently led the country in attracting Foreign Direct Investment (FDI), and has accounted for more than 31% of the country’s total FDI flows in the last decade,” a government resolution (GR) said.“With its vast economic potential, advanced policy framework, capable investor class, strategic geographical location and world-class industrial infrastructure, Maharashtra has emerged as one of the most viable and competitive industrial ecosystems in India. The major cities of the state, Mumbai, Pune, Nagpur, Sambhajinagar and Nashik, are steadily developing as major hubs for financial services, IT/ITES, logistics, electric vehicles (EV), clean energy and advanced manufacturing sectors, with several emerging sectors and regions creating new opportunities for growth in the coming period,” the GR said.“Invest Maharashtra will work for investment attraction and facilitation under the Maharashtra Industry, Trade and Investment Facilitation Act, 2023 and Rules 2025. Invest Maharashtra will focus on policy development as well as investment promotion and attraction. It will also work in coordination with MIDC, Maharashtra Industry, Trade and Investment Facilitation Cell (MAITRI), Directorate of Industries, Maharashtra Industrial Township Limited (MITL) and other relevant institutions to meet the comprehensive needs of global and domestic investors. This service will be available to investors in all sectors of the economy, including primary, secondary and tertiary,” the GR said.