Bumper investment, bigger dreams for MP
The fifth Global Investors Summit (GIS) concluded on Sunday with investment commitments by the bucketload and government sops to please investors.
The Madhya Pradesh government said it has received investment proposals of over Rs 5.62 lakh crore from various companies and individuals in a wide range of sectors. This is the biggest investment promise yet in any GIS - almost twice that of the Khajuraho 2010 one, which is now pushed to second place.
The government has received 2,630 intentions to invest mostly online, totalling Rs 5,62,847 crore . These proposals are being scrutinized, department-wise, and will soon be uploaded on the government website, said officials.
The top investment proposals in the lot are Rs 25,000 crore by Nuclear Power Corporation of India, Rs 20,000 crore by Aditya Birla Group and Rs 4,760 crore by Indian Oil. Interestingly, the bulk of the big-ticket intentions to investment in GIS 2016 have been made by public sector entities.
At a press meet on the concluding day of the business event, chief minister Shivraj Singh Chouhan said, "The response from industrialists was phenomenal and they were very keen to invest in the state. We had B2B and B2G meetings with several investors while a lot were left out due to time constraint."
Chouhan announced a slew of big ticket reforms, including compensation to investors if there is even a day's delay in giving approvals. "The officer responsible will be penalized and we'll recover the compensation from him," Chouhan said,
Five MoUs worth Rs 20,000 crore in new and renewable energy were signed on the last day of the summit between the state and the central government. Renewable energy has been on top of the investment table in the last few years.
The chief minister had one-on-one meetings with some industrialists on policy issues and facilities.
Chouhan said, "We had invited suggestions from the investors to work on our weak points. On the basis of our discussions we have decided to bring some changes in existing policies to provide a better business environment in MP."
Most of the investment in GIS 2016 is expected in the sectors of agro business, food processing, textile, renewable energy and urban development, say officials.
Saugat Mukherjee, regional director, Confederation of Indian Industry, said, "The uniqueness of the GIS is that the focus is on various projects rather than signing MoUs. Online, people are actually expressing interest to invest."
The state government's report card showed that an investment of Rs 2.71 lakh crore ($41 billion) was made in the state during 2014 to 2016 as against Rs 1.62 lakh crores during 2012 to 2014.