Maharashtra Cabinet Endorses Unique Incentives for 19 Projects
Click to start listening
Synopsis
On March 25, the Maharashtra Cabinet Sub-Committee, led by CM Devendra Fadnavis, approved special incentives for 19 projects, promising significant investment and job creation, while fostering innovation in key sectors.
Key Takeaways
- Approval of additional incentives for 19 projects.
- Total investment of Rs 3,92,056 crore expected.
- 1,11,725 direct jobs and 2.5 to 3 lakh indirect jobs to be created.
- Focus on semiconductor, electric vehicles, and green steel.
- Support for small and medium industries in Marathwada.
Mumbai, March 25 (NationPress) The Maharashtra Cabinet Sub-Committee, under the leadership of Chief Minister Devendra Fadnavis, has officially sanctioned additional special incentives for 17 projects that align with the state’s thrust sector and advanced technology policies, as well as the collective incentive scheme.
The government had previously signed Memoranda of Understanding (MoUs) for these initiatives during the World Economic Forum (WEF) summit in Davos this January. Additionally, two more projects will be eligible for incentives based on their respective investments.
These 19 projects are expected to draw a total investment of Rs 3,92,056 crore into the state, creating 1,11,725 direct jobs and an estimated 2.5 to 3 lakh indirect jobs.
Proposals discussed during the meeting included special incentives for semiconductor chips and wafers, electric vehicles, lithium-ion batteries, aerospace and defense manufacturing, as well as green steel initiatives.
According to the Chief Minister, these projects will foster technical innovations, boost research and development, and help establish a robust local supply chain, ultimately benefiting small, medium, and micro industries in Marathwada.
The meeting addressed a total of 21 topics. Amendments were made to the government decision dated February 22, 2024, permitting additional special incentives for ultra-large industry components under the collective incentive scheme and for two other projects based on their investments.
The state has now endorsed a cumulative total of 22 projects, expanding the cap from 10 to 22 due to the anticipated new investments and job opportunities.
The Chief Minister’s Office reported that out of 51 MoUs linked to the Department of Industry at the Davos 2025 summit, 17 projects received approval from the Cabinet Sub-Committee.
Moreover, nine projects have been approved in the last two months, summing up to 26 projects with government actions finalized within this short span. This initiative is projected to yield an investment of Rs 6 lakh crore, leading to 2 lakh direct jobs and 3 lakh indirect jobs.
The Chief Minister remarked that the adoption of electric vehicles is expected to substantially lower greenhouse gas emissions, facilitating investments in semiconductor, steel, and electric vehicle manufacturing ventures.
This development will promote job creation, bolstering the local economy and enhancing research and development. Micro and small industries will particularly benefit in terms of employment potential and skill enhancement in emerging technologies.
