With the country’s aim to bring down logistics costs to 10 percent from the current 13-15 percent by 2022, Madhya Pradesh has emerged as a potential location for a logistic hub
On October 17, 2019, Indore hosted a Global Trade Exhibition with the primary objective to bring prominent exhibitors under one roof to showcase Madhya Pradesh’s industrial prodigy. Inaugurated by Chief Minister Kamal Nath, the exhibition highlighted the achievements in the state’s industrial sector, its ease of doing business, various state investment policies, special incentive packages and emerging investment opportunities.
The inaugural session saw key industry leaders such as Mukesh Ambani, Adi Godrej, Sanjiv Puri, Dilip Shanghvi, Ravi Jhunjhunwala, Chandrajit Banerjee, Rajinder Gupta, Marc Jarrault, Rakesh Bharti Mittal and N Srinivasan sharing their experiences about upcoming proposals for expansion of the state.
Some of the big projects launched at the event were:
Several companies from varied industries showcased their upcoming projects at the event. Some of these were JK Cement Ltd, Mondelez India Foods Private Ltd, P&G Home Products, Aditya Birla Management Corporation Pvt Ltd, Indian Oil Corporation Ltd, and Parle Agro Pvt Ltd.
Key initiatives announced
The exhibit was focused on eight special sessions on key focus sectors of the state. The Urban Mobility and Real Estate session was centred on the importance of urbanisation and real estate and its contribution by being the second-largest employing sector (after agriculture) with a value in trillions of dollars. The government shared its vision for promoting real estate as a focus sector for employment generation and development of the state.
Opportunities in food processing as a value add in medicinal and aromatic plants, and providing support to farmers through new technology, new varieties, market access were key issues brought to the forefront.
With the country’s aim to bring down logistics costs to 10 percent from the current 13-15 percent by 2022, Madhya Pradesh has emerged as a potential location for a logistic hub. With seven Inland Container Depots, six freight stations, 79 cold storages, 234 warehouses, one air cargo, five commercial airports, 550+ trains passing through the state, Madhya Pradesh is well equipped to become the ideal location for a logistics hub.
The session on textile and garments centred on a special package for the garment industry, dedicated textile parks, export potential of textiles and an ecosystem for textile and garment manufacturing in Madhya Pradesh. It was highlighted that the factors and ecosystem such as being centrally located, having an outstanding road network, surplus energy, a huge developed land bank, availability of water, and dedicated textile parks make Madhya Pradesh one of the best states in the country for the textile sector to flourish.
The pharmaceuticals and cosmetics sectors too provide ample opportunities to draw in lucrative investments. The state is also planning to promote the cosmetic sector from the regulatory point of view enabling Madhya Pradesh to emerge as cosmetics hub of the country.
Focus on sustainability
Madhya Pradesh has also seen immense success in the renewable energy sector with past projects like the REWA Solar Power Plant, the first project in the country that is supplying electricity to customers like Delhi Metro and has been awarded the World Bank – President Award. It was also considered as a model project by World Bank and Government of India.
When it comes to tourism, Madhya Pradesh has a huge advantage of being the most compelling state because of various contributing factors such as the presence of 24 sanctuaries, 11 national parks, six tiger reserves, three world heritage sites and two jyotir lingas. It was suggested that policy benefits like electricity on industrial rates; land diversions, property tax, water supply concession shall be extended to tourism sector.
Madhya Pradesh government’s vision of the adoption of technology for better governance, IFMIS, TCS, ERP package for the state were imperative points of discussion at the event. To make Madhya Pradesh the emerging innovation hub, government initiatives were announced for the creation of an ecosystem for start-ups and innovators, enhancement of network connectivity, and initiatives to support industries in the IT/ITeS/ESDM sectors.
With numerous announcements on key initiatives to transform Madhya Pradesh, the state assured that they will leave no stone unturned for facilitating investors and making Madhya Pradesh an ideal investment destination.
This is a partnered post.