State of Maharashtra to Revive ‘Magnetic Maharashtra’ Initiative in 2021
In a bid to reignite investor interest and boost economic growth, the state government of Maharashtra has announced plans to relaunch the ‘Magnetic Maharashtra’ event, originally initiated by former chief minister Devendra Fadnavis. This strategic move comes after disruptions in previous years, with the industry department now exploring the feasibility of hosting the event between October and December.
Origin of ‘Magnetic Maharashtra’
The ‘Magnetic Maharashtra’ event made its debut in 2018 under the leadership of then chief minister Devendra Fadnavis, aimed at attracting new investments and showcasing the state’s economic potential. Subsequently, when the Maha Vikas Aghadi (MVA) government assumed office in 2019, they organized ‘Magnetic Maharashtra 2.0’, albeit in an online format in June 2020 due to the COVID-19 pandemic. However, the event faced setbacks thereafter, attributed to political uncertainties in the state and lack of interest from subsequent chief ministers, notably Eknath Shinde.
Revival of the Initiative
With the return of Devendra Fadnavis to the position of chief minister in November last year, a renewed focus on economic development prompted a reevaluation of the industry department’s strategies. State industries secretary P Anbalagan highlighted the significance of the event, citing the success in attracting 185 billion US dollars during the Davos summit. In a bid to elevate these achievements, plans are underway to host ‘Magnetic Maharashtra’ later this year, between October and December.
Grand Scale of the Event
Sources within the state industries department revealed plans to host the event on a grand scale, with potential venues being considered at Jio World or Goregaon, in the absence of available land at the Bandra-Kurla Complex (BKC). Preference towards Jio World stems from the proximity to quality hotels, essential for accommodating visiting investors. Emphasizing the importance of such gatherings, a senior officer highlighted how they serve as crucial platforms for Indian and foreign investors to converge, ultimately benefiting the state economy.
Historical Significance
The inaugural ‘Magnetic Maharashtra’ event in 2018 witnessed the presence of prominent figures such as Prime Minister Narendra Modi and Ratan Tata, then president of Tata Sons, underscoring the event’s significance in attracting top-tier investors. Furthermore, Maharashtra has a history of hosting similar events under different names, such as ‘Advantage Maharashtra’ and ‘Advantage Maharashtra Agriculture’ during the Shiv Sena-BJP regime from 1995 to 1999.
Moving Forward
As Maharashtra gears up to relaunch the ‘Magnetic Maharashtra’ initiative, anticipation is high for the impact it will have on revitalizing investor confidence and stimulating economic growth in the state. With a strategic focus on showcasing the state’s potential and attracting global investments, this event is poised to be a pivotal moment in Maharashtra’s economic trajectory.
By reviving ‘Magnetic Maharashtra’, the state aims to set the stage for a new era of economic prosperity and growth, fostering partnerships and collaborations that will drive innovation and development across various sectors. As the countdown begins for the anticipated event later this year, all eyes are on Maharashtra as it prepares to once again shine on the global investment landscape.
