Inviting both domestic and foreign companies to invest in Madhya Pradesh, Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh stated that his state was one of the fastest growing states in India.
Its Gross State Domestic Product (GSDP) grew at a compound annual growth rate of 17% during FY05-FY14. Chouhan was addressing a Press Conference on Invest Madhya Pradesh: Global Investors Summit (GIS) which is being organized in Indore from October 8-10.
The Confederation of Indian Industry (CII) is the National Partner to the event. He highlighted that during his tenure as Chief Minister, he had made the development of infrastructure as his priority. As a result, Madhya Pradesh has now got abundant power supply and is now exporting power to neighbouring states.
The state was now focusing on interlinking rivers to improve water availability. It was in this backdrop that the Government of Madhya Pradesh was conducting the Global Investors Summit.
The Chief Minister stated that in the 2012 edition of the Summit, MoUs worth over 2,00,000 crores were signed. Of this, over 1,15,000 crores of investment was now actually on the ground. He stated that following the 2012 Summit, leading MNCs such as John Deere, Cummins, P&G and Unilever among others had all set up manufacturing facilities in Madhya Pradesh.
Leading Indian companies such as TCS, Infosys, Godrej and Dabur among others had also invested in the state. According to Mohammed Suleman, Principal Secretary, Department of Commerce, Industry and Employment, Government of Madhya Pradesh in addition to being one the fastest growing states in India, the state also had a strong fiscal position, healthy growth in tax revenues and a robust agricultural growth.
He observed that the state was well on its way to becoming the food bowl of India. According to Suleman, the state was well endowed with natural resources such as diamonds, copper, manganese and dolomite and coal.
He pointed out that the state government’s thrust was to shift the economy of the state from being agri-based to industry based. He was of the view that the forthcoming GIS would help make this a reality.
Suleman highlighted the state government’s efforts to develop the infrastructure in the state, ensure a peaceful industrial climate as well as improve the ease of doing business in the state.
He stated that MP had set up a Cabinet Committee on Economic Affairs which was empowered to facilitate inter-ministerial coordination. Speaking about the conference, Suleman stated that the three day event will aim to showcase the strengths and industrial prowess of Madhya Pradesh and provide a global platform for interaction with Indian Industry leaders, policy makers, investors and other stakeholders.
The focus sectors of the Summit were Agri-Business and Food Processing, Automobiles and Engineering, Healthcare, Infrastructure, IT & ITeS, Pharmaceuticals, Technical Education and Skill Development, Renewable Energy, Textiles, Tourism and Urban Development among others. The first day of the Summit would feature special session on MSMEs.