Maharashtra’s new Industrial Policy aims to promote a walk-to-work culture to enhance productivity for the urban working class. The Industrial Policy 2019, approved by State Cabinet on Tuesday promises additional floor space index (FSI) to industries opting to construct residential complexes for the workforce on the same land, thereby making it easy to walk to work.
Unveiled by Chief Minister Devendra Fadnavis and Shiv Sena chief Uddhav Thackeray days before the code of conduct for the Lok Sabha polls kicks in, the policy comes into effect from April 1. It aims to attract investments of over ₹10 lakh crore and creating around 40 lakh jobs by 2023-24, Minister for Industries and Mining Subhash Desai said while reiterating the goal to turn Maharastra into a trillion dollar (₹1 lakh crore) economy.
“The focus of this policy is creation of jobs, it is not the capital but the prospect and promise of 40 lakh jobs that will be the success story. Maharashtra is where you can have both consumption and growth, while the massive plus factor is the ease of doing business growth, which draws industries,” said Piruz Khambatta, chairman of the Confederation of Indian Industry, Western Region.
The policy offers special incentives for underdeveloped areas — Vidarbha, Marathwada and Naxal-affected zones. It gives special emphasis to emerging technologies and other vital ‘thrust areas’. “The aim of the policy is to create a conducive business environment while promoting micro, small and medium enterprises (MSMEs) through public funding, fiscal incentives, cluster promotions and institutional support. During the last four years, Maharashtra’s growth has been spectacular. I want to tell investors to come invest in Maharashtra and that it will give you most returns in the future,” Mr. Desai said.
The thrust areas the policy identifies are defence and aerospace, bio-tech, medical equipments, information technology, textile machinery and electric vehicles.
The policy also offers incentives for futuristic technologies like Industries 4.0 and startups.
“The objective is to give priority in land development to MSMEs, women entrepreneurs and ST/SC entrepreneurs,” the new policy documents stated. Among the key highlights of the policy are promotions of MSMEs, new Chief Minister Employment Programme, incentive for large and mega projects, creation of land bank, a critical infrastructure fund of ₹1,000 crore, creation of commerce and trade councils, and additional incentives for agro and food processing industries.
