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The Maharashtra Government’s claims of having sewn up deals worth ₹8-lakh crore during the ‘Make in India’ week may not all be related to actual manufacturing.
Documents sourced by BusinessLine show that this includes project by real estate players and telecom service companies, none of which involves actual making of any product in India.
Relatively unknown companies with a small presence are also on the list accessed through an RTI application. As many as 486 MoUs figure in the list.
While there are some big names like Reliance Industries and Anil Agarwal-backed LCD manufacturer Twin Star Display Technologies Ltd, which have committed to invest ₹15,500 crore and ₹60,000 crore, respectively, a majority of the names are non-manufacturing firms.
For example, telecom service provider Reliance Jio and Vodafone figure in the list. Reliance Jio wants to make an investment of ₹25,000 crore and create 4,000 jobs across the state.
Similarly, Vodafone wants to invest ₹6,000 crore in the State. But these investments are earmarked towards ramping up their telecom networks.
Then there are real estate developers such as Raheja Universal which has signed an MoU for ₹5,000 crore, Persipina Developers Pvt Ltd of Hiranandani group for ₹7,500 crore.
Also on the list is MCHI- CREDAI promising ₹1.10 lakh crore for affordable housing in Konkan. While these investments may aid other companies in the manufacturing sector like cement and steel, they do not directly add to ‘Make in India’.
Another interesting name on the list is the Indian Bullion and Jewellers Association, which has signed an MoU to invest ₹10,000 crore
It is also not clear whether these MoUs will result into actual investments. Roma Balwani, President of Group Communications at Vedanta Ltd, said its project is on a mega scale and undergoing detailed planning and discussions with various stakeholders. Therefore, further information cannot be provided.
Others like JSW, Suzlon and Sany did not reply to a query sent by BusinessLine . Maharashtra Government Industries Secretary Apurva Chandra was not available for comments.
According to Chandrakant Salunkhe, President of SME Chamber of India, all commitments and memoranda of understanding announced during the ‘Make in India’ week remains only on paper.
“It seems like the Maharashtra Government has included everything from services to buildings to constructions. ‘Make in India’ is about core manufacturing.
“The list seem to suggest that the amount of ₹7.8 lakh crore is highly inflated,” said a Congress party worker in Maharashtra
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