Maharashtra has always led the country's industrial development scenario and continues to attract the largest quantum of investments, both domestic and foreign. The State has established strengths in every sector including engineering, automobiles and auto components, chemicals, drugs and pharmaceuticals, textiles, information technology and biotechnology. It offers the finest infrastructure, excellent educational facilities, quality trained manpower, a professional work ethic and a conducive business environment. A wide variety of horticultural crops are also grown in the State, making it a major producer of oilseeds, rice, cotton, sugarcane, etc. In addition, the rich heritage, trade, culture, history and growing economy of the State are the major tourist attractions.
The Government of Maharashtra has made several policy announcements in order to set up the right kind of business climate in the State. These policy documents aim to motivate investors to invest into the various sectors of the State and thereby contribute to the overall development of the economy. They are endeavoured to remove various road blocks which hampers the industrial map of the State. They also envisage various incentives and schemes for the investors.
The State aims to achieve economic development that should help in reducing the percentage of population living below the poverty line by 50 per cent by 2010. Also, the state aims that Human Development Index (HDI) of Maharashtra should be comparable with the best among the Asian countries. In order to fulfil this vision, the State's growth strategy focuses on the following elements:
The Government intends to focus on select industries and sectors to implement its growth strategy.
Industry / sector
|Existing industries - chemicals, petroleum, textiles, automobiles and auto components, engineering||To sustain existing industrial momentum|
|Financial services, IT and ITES||Generate large scale employment opportunities|
|Tourism and biotechnology||Strengthen the services sector base of the state|
Based on the identified strategic framework and the thrust sectors, the State has identified necessary actions to achieve the desired targets. The following section discusses some of the recent developments.
Maharashtra accounts for 24.6 per cent of foreign direct investment (FDI), 20 per cent of the country‘s industrial output and 27 per cent of India‘s exports. Of the total foreign direct investment (FDI) in India, Maharashtra continued to be at the top position in 2009. FDI approved projects, for the period April 2000 to July 2009, were mainly in services (23 per cent), IT and telecom (18 per cent), housing, real estate and construction (13 per cent) and automobiles (4 per cent).
Conducive Business Environment
Strong Services Sector
Strong Industrial Base
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