Mumbai, July 2 (NationPress) - The Maharashtra cabinet subcommittee, led by Chief Minister Devendra Fadnavis, approved significant investment proposals totaling Rs 1,35,371.58 crore for key sectors and advanced technology initiatives within the state on Wednesday.

This strategic decision is anticipated to enhance industrial growth and create approximately one lakh direct and indirect employment opportunities statewide. Moreover, these initiatives are set to advance technological innovation, research, and development.

During the meeting, special incentives were sanctioned for 19 mega, large, and very large projects, focusing on the expected investment and job creation. Out of these, 17 projects received the green light for special incentives. “The projects encompass manufacturers of semiconductors, silicon ingots and wafers, electric vehicle materials, lithium-ion batteries, materials for space and defense, the textile industry, green steel projects, and gas-to-chemical initiatives. These 17 projects are expected to attract fresh investments worth Rs 1,35,371.58 crore, creating an estimated one lakh direct/indirect jobs in the near future,” stated the government.

The committee also opted to extend benefits such as capital subsidies, reductions in electricity tariffs, interest rate concessions, industrial incentive subsidies, and various refunds to industries. Additionally, the number of prioritized sectors and high-tech projects will be increased from 22 to 30, with land acquisition in Dapchari and Vankas in Palghar district.

The approved proposals include prominent companies such as Paras Defence and Space Technology in Navi Mumbai, Jupiter Renewable Pvt Ltd in Nagpur, Reliance Infrastructure, BSL Solar Pvt Ltd, Shrem Bio Fuel Pvt Ltd, Hyundai Motor India in Pune, and others across various districts.

“These initiatives will significantly bolster technological innovation, research, and development, while fostering a robust local supply chain that benefits micro, small, and medium enterprises. They will inject a substantial amount of investment and employment into the semiconductor, steel, and electric vehicle manufacturing sectors, thus enhancing the local economy and driving overall state development,” declared the Chief Minister’s office.