Mumbai: In a serious bid to boost the industrial growth, which has dipped 4.9 per cent in 2024-25 against 6.2 per cent last year, the Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar Monday in the annual budget for 2025-26 proposed a slew of policy initiatives.
He said that the state government will soon announce the New Industrial Policy 2025 with a target of attracting investment of Rs 40 lakh crore and generation of 50 lakh jobs in the next five years. Besides, the government will issue gems and jewellery policy, electronic policy, circular economic policy, space policy to attract industrial investment while competing with other states.
The government will frame new labour rules as per the new labour code of the central government. The dedicated logistic infrastructure will be developed in more than 10,000 acres of land.
The Mumbai Metropolitan Region (MMR) will be developed as an international level economic development center as a “Growth Hub.”
International level business centers will be established at seven locations, such as Bandra-Kurla Complex, Kurla-Worli, Wadala, Goregaon, Navi Mumbai, Kharghar, and Virar-Boisar.
The objective is to increase the size of the economy of Mumbai Metropolitan Region from the current $140 billion to $300 billion by 2030, and to $1.5 trillion by 2047.
The LWE-affected Gadchiroli district, which is now emerging as a “Steel Hub”, the works worth Rs 500 crore will be undertaken to improve transportation in the district.
The Finance Minister has proposed a Package Scheme of Incentives of Rs 6,400 crore to boost investments.
He said that the electricity purchase costs will be reduced by Rs 1.13 lakh crore over the next five years due to energy sector planning and the procurement of low-cost green energy. This will make the electricity tariff for industries competitive as compared to the nighbouring states.
The government will establish Maharashtra Technical Textile Mission and also set up “Urban Haat Center” in Nagpur. In order to further promote information technology and data centres, the government will establish Innovation City spread over 250 acres of land in Navi Mumbai.
IANS
