Bhopal, Feb 24: Prime Minister Narendra Modi on Monday inaugurated the Global Investors Summit here highlighting investment opportunities in Madhya Pradesh and urging investors to tap available potential in the state.
Addressing the gathering, PM Modi said, “The Global Investors Summit in Madhya Pradesh is a commendable initiative. It serves as a vital platform to showcase the state’s immense potential in industry, innovation and infrastructure. By attracting global investors, it is paving the way for economic growth and job creation. Happy to see Madhya Pradesh emerge as a key hub for business and entrepreneurship.”
PM Modi highlighted his government’s priority on doing away with redundant regulations. He said his government is in talks with the states to soon form a de-regulation commission to pick those redundant regulations that hamper progress and come in the way of ‘Ease of Doing Business”.
The deregulatory initiatives have already seen significant progress, with the abolition of 40,000 redundant mandatory compliances to improve the ease of doing business. The Prime Minister underscored the importance of the textile, tourism, and technology sectors in India’s growth.
He highlighted that India is a leading producer of cotton, silk, and viscose, with Madhya Pradesh being a major contributor. The state’s Chanderi and Maheshwari sarees are renowned globally, and around 25 per cent of India’s organic cotton is grown here.
The establishment of seven textile parks, including one rapidly developing in Madhya Pradesh, presents lucrative opportunities for investors to capitalise on the state’s textile potential, he said.
The Prime Minister encouraged investors to explore the potential in Madhya Pradesh’s health and wellness sector, with the government promoting public-private partnerships. He urged them to visit the temple town of Ujjain and experience the spirituality of Mahakal Lok.
“This is the time and the right time to invest,” he appealed to the investors. The transformation of Madhya Pradesh over the last decade has been remarkable, which started more than two decades ago from a rough, Bimaru state left by the previous Congress regime. With notable advancements in infrastructure and energy, the Prime Minister pointed out that the state power generation capacity of 31,000 MW, 40 per cent of which is derived from clean energy sources, Madhya Pradesh is at the forefront of India’s energy revolution.
Prime Minister Narendra Modi cited the Rewa Solar Park, the largest in India, as a prime example of the country’s renewable energy efforts. On infrastructure, he said the state now boasts 100 per cent rail line electrification and has modernized 80 railway stations under the AMRIT Bharat initiative with the first world-class private railway station named after erstwhile queen Rani Kamlapati of Bhopal.
The power sector has witnessed unprecedented growth, with investments amounting to approximately $70 billion (5 trillion rupees) in renewable energy, creating one million jobs and significantly benefiting the region, the Prime Minister said. Emphasizing the importance of water security, the Prime Minister highlighted ongoing efforts in water conservation and river linking, which will greatly benefit both agriculture and industry.
The Rs 45,000 crore Ken-Betwa river linking project is a testament to these efforts, aiming to enhance water management in the region, he said. To empower the middle class and stimulate economic growth, the government has exempted income tax up to Rs 12 lakh and the RBI has reduced interest rates post-budget, the PM said.
The focus on strengthening the local supply chain is intended to foster self-reliance in the manufacturing sector, PM Modi said while addressing the limitations imposed by previous governments on the MSME sector. Additionally, the government is providing robust support to exporters, he said.
IANS