Fadnavis made it clear that the fund was not aimed at attracting big industries since big investors have their own mechanism of bringing finance.
MUMBAI: Maharashtra has become the first state in the country to unveil its own defence and aerospace manufacturing policy. Chief Minister Devendra Fadnavis said that he expects an investment of $5 billion (approximately Rs 333 crore) in next five years in the sector in Maharashtra.
The state government through the Maharashtra Industrial Development Corporation (MIDC) and with the help of financial agencies like SIDBI, IDBI and others would be raising a fund of Rs 1,000 crore to create a fiscal space for the micro, small and medium enterprises (MSMEs) willing to work in this sector. Fadnavis made it clear that the fund was not aimed at attracting big industries since big investors have their own mechanism of bringing finance.
Fadnavis along with Defence Minister Manohar Parrikar, and Minister of State for Defence Subhash Bhamare met the manufacturers from all over the world who attended a seminar on defence and aerospace manufacturing on Saturday.
Parrikar said that Maharashtra has good amount of defence manufacturing activity with 11 ordnance factories in state and having infrastructure for defence manufacturing in Pune, Nashik, Nagpur, Aurangabad and adjoining areas. He added that availability of skilled manpower, IT base and most importantly law and order situation in the state would be conducive to attract investment in this sector.
CM Fadnavis said that state expects that the investment of $5 billion over next five years would generate employment opportunities to at least one lakh persons.