Investment proposals worth Rs 5.50 lakh crore received at GIS 2016, claims Madhya Pradesh CM

Madhya Pradesh Chief Minister Shivraj Singh Chouhan announced on Sunday that a total of 2628 proposals or 'Intention to Invest' were received by the state government during the 5th Global Investors Summit (GIS) held at Indore on October 22 and 23.

"We had decided against signing MoUs at the meet and instead had Intentions to Invest so that we can follow up on the proposals in a systematic way," he said, adding that the intentions add up to a total of Rs 5,46,847 crore. Also, 30 online applications for allotment of land from the nearly 1,25,000 acre land bank for industries being offered by the MP government were received during the GIS 2016.

MADHYA PRADESH GOVT TO START PORTAL CALLED 'INVEST'

Addressing the media after the conclusion of the GIS 2016, the CM said that based on the feedback given by delegates during the GIS, the state government has decided to start a portal called 'INVEST' that would contain all details of the proposal for investment submitted by a business group. He said this would help in effective and time bound monitoring. Besides this, the state government would appoint a 'relationship manager' for every investment more than Rs 50 crore.

The manager would give feedback to the investor on the status of the investment proposal. Based on feedback, the CM also said that a Ready Made Garment Policy would be soon unveiled by the state government to promote the sector. Land use rules would be simplified to promote investment, especially in the Public Semi Public (PSP) category in which colleges and institutions are set up. He said time bound clearance of land use change cases would be ensured.

Rules pertaining to transfer of development rights would be simplified and the process of securing a clearance from the pollution control board would also be made simpler. Also, the list of non polluting industries where pollution clearance is not requires would be further expanded. The rebates given to various businesses in commercial taxes would continue even after the imposition of GST, said the CM.

Further, the CM said, based on the discussions with investors, information pertaining to the availability of minerals in the state would be made available and the minimum number of seats in theatres to qualify as multiplexes and thereby get rebates would be reduced to 200 from the present 500. The CM said that to prevent harassment and treatment as criminals of investors, the state government will work out a system that will prevent arrest in case it is found that the violation of a commercial law was not deliberate.

INDUSTRIAL, AGRICULTURE SECTOR WITNESSES GROWTH

The CM said that in the intervening 2 years between GIS 2014 and 2016, work has commenced on investments worth Rs 2,71,000 crore and production has commenced in units that have invested about Rs 50,000 crore. He said the GDP of MP has increased from Rs 1,50,000 crore to Rs 5,65,000 crore in the last 12 years. Industrial sector has grown at 8 per cent while agriculture is growing at 20 per cent in the state in 2014-2015.

Earlier during a valedictory function, External Affairs Minister Sushma Swaraj, Urban Development Minister Venkaiah Naidu, Minister for Environment and Forests, Anil Dave, Petroleum Minister Dharmendra Pradhan and Minister for Social Justice Thawarchand Gehlot appealed to investors to put in their money and faith in Madhya Pradesh and praised the CM and government for organizing the event. Sushma Swaraj said that for the first time the MEA has a separate desk for facilitating states with investment proposals from overseas.

The CM said that he was happy with the progress of industrial sector in MP and added that the first GIS in 2007 was attended by 300 delegates while GIS 2016 was attended by a total of about 5000 delegates from India and 42 countries attended the GIS 2016. "this is an indicator that MP is doing well," he said. He said that for the first time the Department of Industrial Planning and Policy of the Union government had organized a 'Make in India' convention on the sidelines of an investor meet organized by a state government.

A CEO conclave attended by about 130 CEOs was held on October 21. A total of 326 Business to Business meetings were also held during the GIS 2016.

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