Maha Cabinet clears projects with an investment of Rs 1 lakh crore

Mumbai, May 20 (IANS) The Maharashtra Cabinet, chaired by Chief Minister Devendra Fadnavis, on Tuesday, cleared 325 proposals pending due to the expiry of the policy period in the industry sector.

The approval of these proposals is expected to lead to investment of Rs 1,00,655.96 crore and creation of 93,317 jobs.

The policies prepared by the Industries Department, including Maharashtra Electronics Policy 2016 and incentives for Fab projects under it, Maharashtra Space and Defence Sector Production Policy 2018, Flattened Sediment Industrial Complexes Policy 2018 for Readymade Garment Manufacturing, Gems and Jewellery, Micro Electronics and Engineering Components, and Maharashtra New Industrial Policy 2019 have expired. The process of formulating a new policy for the above subjects is underway at the government level, said the government release.

However, after the expiry of the policy period, the Finance Department has approved the approval of incentives for those industrial units that will be beneficial for the development of the state. Since the expiry of the period of the above policies, it will be possible to invest in industry components and provide subsidies to them until the new policy is implemented.

Accordingly, 313 pending proposals were approved under the Maharashtra Electronics Policy 2016 and the incentives for Fab projects under it. An investment of Rs 42,925.96 crore is expected from 313 proposals, and 43,242 jobs will be created.

A total of 10 proposals were approved under Maharashtra’s Space and Defence Sector Production Policy 2018. These 10 proposals are expected to attract an investment of Rs 56,730 crore and generate 15,075 jobs.

While two proposals were approved under the Flatbed Industrial Complexes Policy 2018 for readymade garment manufacturing, gems and jewellery, microelectronics and engineering components. These proposals are expected to attract an investment of Rs 1,000 crore and generate 35,000 jobs.

Meanwhile, the Labour Minister Akash Fundkar expressed his condolences over the death of eight workers in a massive fire at the Central Textile Factory in Solapur, saying that the incident is extremely unfortunate.

The accident has shaken the entire district, and work is underway to identify the deceased. Chief Minister Devendra Fadnavis has announced a financial assistance of Rs 5 lakh each to the heirs of the deceased.

As soon as the information about the incident was received, officials from the Directorate of Industrial Safety immediately reached the spot, and a thorough investigation into the causes of the accident is underway, said the minister, adding that the deceased workers in this incident will be provided with all benefits as per the law.

Minister Fundkar further said that a special team will audit highly hazardous, dangerous and chemical factories in the Solapur industrial area to prevent such accidents in future.

--IANS

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