Maharashtra Puts On Hold Chinese Investment Worth Rs 5,000 Crore

Table of Contents

Magnetic Maharashtra 2.0

To draw investments to the State, 12 MoUs worth ₹16,000 crore were signed on Monday in presence of Chief Minister Uddhav Thackeray.
Representatives of 12 countries, including China and USA, were present on the occasion.
Global companies in the field of engineering, car and spare parts manufacturing, information technology, logistics, chemicals, and food processing signed the MoUs.

Thackeray, who was in attendance via videoconference, said the government will fulfil its commitment and business houses will face no hurdles to set up industrial units.
“We are thankful to investors for choosing Maharashtra as their preferred destination. Today, we are signing MoUs worth ₹16000 crore. Projects worth ₹60,000 are in the pipeline and will be a reality soon,” he said.
The previous government had launched Magnetic Maharashtra with an aim to bring in investments worth ₹10 lakh crore.
While the then government had claimed to have signed several MoUs, the Opposition at the time had raised questions over the actual investments.
The signing of the MoUs took place just a couple days before the Galwan incident along the Line of Actual Control, where 20 Indian Army personnel were killed in violent clashes with Chinese troops.

Rs 3,770-crore MoU with Great Wall Motors (GWM) to set up an automobile plant in Talegaon near Pune.
PMI Electro Mobility in a joint venture with Foton (China) had announced a Rs 1,000-crore unit that would create 1,500 jobs.
Hengli Engineering for a Rs 250-crore investment as part of its phase II expansion at Talegaon, a project that will generate 150 jobs.

“The state government’s view is that a national policy vis-a-vis Chinese companies and products should be declared by the central government.
One state government should not take a decision, the decision has to be pan-India.
The state government is looking to the Centre to make an announcement in this respect,” Shiv Sena MP Sanjay Raut told The Indian Express.

“The decision has been taken in consultation with the Union
These were signed prior (to the killing of 20 Indian soldiers on the Indo-China border).
The ministry of external affairs has advised not to sign any further agreements with Chinese companies,”said industry minister Subhash Desai.