Taking a cue from how non-resident Indians from States such as Andhra Pradesh, Kerala and Gujarat have over the years become magnets to woo investments into their respective States, Madhya Pradesh Chief Minister Shivraj Singh Chouhan, too, has made a fervent appeal to the State’s non-residents to bring in investments.
Addressing the Third Global Investors’ Summit (GIM) here, he said the State’s new development mantra is job creation through greater incentives to the micro, small and medium enterprises (MSMEs). For this purpose, the State would be tying up with a number of entities, including the International Finance Corporation (IFC), part of the World Bank. Around 1,000 delegates from India and abroad are participating in this three-day Summit that concludes today. Chouhan also announced a dedicated body for non-resident entrepreneurs from the State to promote industrial investment in the state. This body, known as the MP Global Foundation, will open contact offices across 20 nations.
Industry Minister Kailash Vijayavergiya said a dedicated Web site for business networking, being set up by the Foundation, would facilitate investments from non-residents
Sops for tiny sector
In order to attract investors, the Chief Minister said the ‘export tax’ levied by civic bodies on products of MSMEs having annual turnover up to Rs 30 lakh, will be abolished.
The State Government would also allot land to MSMEs from its 20,000-hectare land bank which would be developed for industrial clusters with a 24x7 power supply in both rural and urban areas. The Government will spend Rs 900 crore on this activity.
Industry Minister Kailash Vijayavergiya said a dedicated Web site for business networking, being set up by the Foundation, would facilitate investments from non-residents.
He also said the State, whose 8 per cent industrial growth in 2011-12 was above the national average, had more than 1.12 lakh industries.
On the first day of the event, 113 MoUs worth Rs 670 crore were inked with MSMEs and 107 Expression of Interest (EOI) worth Rs 1,128 crore were drafted between the State Government and investors.
As part of its own growth story, Madhya Pradesh is trying to develop the temple town of Ujjain as a Knowledge City and has already acquired 400 hectares of land for educational institutes to be set up there.