The bear market has not dampened the sprits of the Maharashtra government. It is formulating a new industrial policy with which it hopes to attract an investment of over Rs 5 lakh crore by 2016.
On Tuesday, the State Industries Minister, Mr Narayan Rane, disclosed the ambitious target in a presentation on the policy to the Chief Minister.
A senior State government official, who was privy to the presentation, said the new policy, which is likely to be announced soon, aims to create 20 lakh jobs in the next five years. Among other sectors, manufacturing and services would be given top priority. Industries such as textiles and fruit processing would be promoted in the policy, the official said.
Delineating the challenges for industrial growth in the State, Mr Rane stressed on the non-availability of land for industrial projects with no solution in sight. The State is also suffering form lopsided regional development and excess stress on Mumbai region for industrial growth. Development of Special Economic Zones has also taken a back seat, the official said.
Lack of skilled manpower in certain sectors and irregular power supply to the industries was also highlighted in the presentation.
In the new policy, sops would be provided to sick units located in the industrial estates controlled by Maharashtra Industrial Development Corporation (MIDC). If the units cannot be revived then the land leased out to the units by MIDC would be given to other industries. Before building new industrial estates all physical and other infrastructures would be created, the official said.