Maharashtra will continue to drive India s growth story: CM

Maharashtra, the most favoured state for foreign direct investment, will continue to spearhead India�s growth story, vows Mr. Vilasrao Deshmukh, Hon'ble Chief Minister of Maharashtra.

 

Mr. Deshmukh was inaugurating the three-day �Global Trade & Investment Conference: India Your Partner,� organized by Indian Merchants� Chamber at Hotel Hilton Towers, Mumbai today.

 

Among other dignitaries who addressed the inaugural session included Mr. Vayalar Ravi, Hon'ble Union Minister for Overseas Indian Affairs, Mr. Deepak Parekh Chairman, HDFC Ltd., Dr. (Mrs.) Indu Shahani, Hon�ble Sheriff of Mumbai & Mr. Adam Szejnfeld, Secretary of State in the Ministry of Economy, Poland.  IMC President Mr. Niraj Bajaj welcomed and felicitated the distinguished speakers and Vice-President IMC, Mr. M N Chaini proposed a vote of thanks.

 

The significance of this global conference, which is being held as part of the IMC�s ongoing Centenary Celebrations, is that it is being attended by business delegations from over 25 of the 48 countries, where IMC had signed MoU for co-operation with Chambers of Commerce and other business organizations.

 

Continuing, Mr. Vilasrao Deshmukh said that Maharashtra had issued letters of intent for setting up 85 mega projects, at an investment of over Rs. 1,10,000 crore.  And these projects would be going on stream in the next few years. 

 

Mr. Deshmukh also reiterated his resolve to abolish Octroi duty in Maharashtra, as a viable win-win formula has been worked out amicably with all the stake holders concerned.  �The State Cabinet will announce the decision to scrap Octroi soon,� he said.

He said that the State had been successfully implementing a policy for rehabilitating the people affected by its 140 SEZ projects.

 

There were problems of infrastructure in Mumbai, which were being addressed to. The Chief Minister also emphasized that fruits of growth had to percolate down so as to achieve the objective of �inclusive growth.�

 

The Chief Minister pledged to make Maharashtra a surplus state in respect of power generation by 2012.   Major power generation projects were now on anvil, he said.

 

Union Minister Mr. Vayalar Ravi said that this global conference aimed at promoting trade and investment in both directions � into India and from India to other countries.

 

He urged the business community to appreciate the political compulsions of the democratic coalition governments like India.   Any economic growth could come only as a result of a broad political consensus on policies aimed at �inclusive growth� of all sections of society.

 

Unlike in China, the democratic coalition government in India would not be able to force down the throats of people the policies such as opening up the retail trade for foreign investment, as such a step could affect the livelihood of millions of people.

 

Mr. Deepak Parekh said that in the past year Indian corporates effected 661 mergers and acquisitions involving assets worth $ 51 billion.  Indian stock markets were booming, and the market capitalization touched $ 1 trillion mark recently.

 

He said that India�s Parliamentary democracy had proved its efficacy in ably coping with risks and challenges posed by globalisation.

 

In this centenary year, the IMC had firmly resolved to go ahead with its new strategy for development in the next 100 years by ensuring �inclusive growth� and by harnessing the youth power, which offered a great demographic advantage.

 

Mr. Adam Szejnfeld said Poland had now become a full-fledged member of European union, and was already recording the highest growth rate of 5% to 6% in Europe.  �The EU is committed to channel investment of Euro 100 billion into Poland between 2008 and 2013, at the annual rate of about $ 15 billion.�

 

Even as an unprecedented economic expansion would open vast opportunities, the Polish Minister invited Indian businessmen into his country.

 

Dr. (Mrs.) Indu Shahani cited India�s huge reservoir of intellectual capital and pointed out that well known international educational institutes were vying with each other to enter into collaborative ventures in India.

 

Earlier, IMC President Mr. Niraj Bajaj hoped that the numerous overseas business delegations attending the conference would be able to discover lucrative opportunities in India, and also to identify prospective business partners.

 

Among others who addressed the conference included Dr. Manu Chandaria, Chairman, Comcraft Kenya Ltd, Mr Suhas Kulkarni, Executive Director, UBS Investment Bank, UK, Mr Gunit Chadha, Managing Director & Chief Executive Officer, India, Deutsche Bank (India) and Mr. Vallabh Bhansali, Chairman, Enam Securities Pvt. Ltd

 

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