Magnificent MP: What did India’s Emerging Economic Tiger got from Investor Summit.
With the expectations of attracting grand investments in Madhya Pradesh, Kamalnath government organized ‘Magnificent MP’ an investor’s summit in MP’s commercial capital, and the cleanest city in India, Indore. The event was held on 18th October 2019 in the Brilliant Convention Centre and attended by leading industrialists, public representatives, ministers, organizers, and media persons. Estimated investments of about 12,000 crore rupees were announced even before the commencement of the summit.
Top Industrialists reviews about Madhya Pradesh:
With no expenses spared, the summit focused on inviting investors in nine core sectors of the state, which include tourism, real estate, agriculture & horticulture, food processing, IT sector, pharmaceuticals, textiles, logistics & Urban mobility. Eleven industry leaders, including Godrej’s Adi Godrej, Bharti’s Rakesh Bharti Mittal, CII chief Vikram Kirloskar, Trident Group’s Rajinder Gupta, and others participated in the one-day event. The summit has so far been successful in making major investments in Madhya Pradesh. Chairman of Reliance Industries Limited, Mr. Mukesh Ambani webcasted his speech which was played in the summit, where he appreciated Kamalnath’s efforts for easy and beneficial investments in the state. Reliance Industries said it would double the number of petrol pumps in Madhya Pradesh, besides setting up 45 logistic centers in the State. He also announced that Reliance will double up the number of retail stores and outlets in the state and will also establish a national distribution center covering 100 million square feet of space in 45 locations. Apart from that, ITC plans to set up a modern food processing center at a total investment of Rs 700 crore and Sun Pharma is looking to expand its two manufacturing facilities in the state. MD of India Cements Limited, N. Srinivasan said that as the part of initial investment, they will establish a 2.5 million tonne cement plant and a 1 million tonne grinding plant soon.
The major highlights of the summit included Holographic 3D viewings, 3D visuals, Digital books, virtual technologies, and laser shows. A cultural dance performance with the theme- ‘Atithi Devo Bhava’ was highly praised by the audience. The Breakfast, lunch as well dinner was full of Madhya Pradesh’s famous delicacies, including the renowned Indori Poha & Jalebi. Madhya Pradesh Pavillion was another popular attraction of the summit, an exhibition that gave details about all the possibilities in Madhya Pradesh with reference to 9 core sectors mentioned before.
Chief Minister remarks on Magnificent MP:
Addressing the media after the Magnificent MP Summit, Kamalnath said: “For industrialists, self-certification is sufficient. The government will inspect them only after three years of commencement. The basic idea is to provide industries a hassle-free environment to work and grow in MP.” The slogan of the event being, ‘India’s emerging economic tiger’, Kamalnath said: “But after two years our efforts are to make MP ‘Economic Tiger’ of India.” (And not just emerging). With regards to the new policies for industrialists, the chief minister also talked about the right to water, land pooling policy for industries, separate Discoms for industries, decreasing property guideline rates, the launch of metro projects in Indore and Bhopal, and formation of Indore-Bhopal industrial corridor with satellite townships. Apart from this, the state government is also enacting a law so that industries operating in Madhya Pradesh will mandatorily have to employ 70 percent native employees.
Magnificent MP, as a global trade summit, managed to succeed in its purpose by gaining an additional 10, 196 crore and still counting, to be invested in Madhya Pradesh. Leading industrialists and chairmen of major groups like Godrej, Reliance, Bharti, India Cement, etc. all praised the efforts and policies imbibed by the state government for trade and economic growth in the state. Madhya Pradesh as a state has come much ahead in growth and development in the past decade, and the abundant availability of resources especially water and electricity shall lead to a boost of investment in the state, leading to remarkable advancement at a rate no one has ever seen before.
Article By: Umme Salma Saifee
