PM Modi and Chouhan woo A production-linked incentive program?

Prime Minister Narendra Modi addressed Madhya Pradesh Global Investors Summit 20,23 via video conference in New Delhi on January 11, 2023. Photo Credit: PTI

Prime Minister Narendra Modi made a pitch for investment in Madhya Pradesh Wednesday. He rephrased an old M.P. The slogan for the tourism campaign was “Ajab Ghazab and Sajag” (astonishing, alert).

On the first day of the two-day Global Investors’ Summit, potential investors gathered here via video message. Mr. Modi stated that Madhya Pradesh was a beautiful destination, “From faith, spirituality, tourism, education, and skill development, Madhya Pradesh was a wonderful place.”

M. Modi cited a variety of global agencies to provide an optimistic projection for India’s economy. He stated that India was on track to become the third-largest country in the world within the next four to five years. Modi attributed India’s “strong democracy, young demography, and political stability” to the nation’s “strong optimism”. He also highlighted India’s actions that have boosted the ease of doing business and living.

Modi cited the PLI, a production-linked incentive program that offered incentives in excess of Rs2.5 lakh crore. This was one of the many measures his government has taken over the past eight years. The PLI scheme was crucial in Madhya Pradesh becoming a major pharma and textile center, as it had enabled production in various sectors to reach Rs4 lakh crore and hundreds of millions of rupees to be invested in Madhya Pradesh.

“I encourage investors to M.P. The Prime Minister urged investors to come to M.P. in order for them to get the most out of the PLI program.

Madhya Pradesh Chief minister Shivraj Singh Chouhan welcomed all participants. He said that the State had rewritten history from when Madhya Pradesh used to be a BIMARU State and was experiencing a growth rate at current prices of 19.76%, which is the highest in the country.

“Earlier, Madhya Pradesh’s contribution to India’s GDP was 3.6%. This has increased to 4.6%. He said that our Gross State Domestic Product (GSDP), at one time, was Rs1 lakh crore. But it now exceeds Rs12 lakh crore.” Further, the Chief Minister stated that Madhya Pradesh was aiming to become a $550-billion economy by 2026/27.

The gathering was informed by Mr. Chouhan that Guyana, Suriname and Japan had all joined the 2023 GIS. He stated that 33 countries sent consular generals and ambassadors, while 84 countries sent business delegates.

Several prominent industrialists addressed participants at the Brilliant Convention Center here, including Pranav Adani, Adani Agro Oil & Gas and Sanjeev Puri, ITC Group, and Rekha Menon, Accenture. M.P.’s ongoing projects were worth Rs27,500 crore. Mr. Adani stated that they are looking to increase this value. They estimated that the value of ongoing projects in M.P. was Rs27,500 crore. They were hoping to increase it to Rs60,000 crore.

“We are fully operational in the power and gas, cement, roads as well as agricultural processing, defence, and irrigation sectors. I am pleased to announce that we will not only continue our investments in these sectors but will also substantially expand our presence in M.P. He said that our commitment to the state will see us invest in excess of Rs60,000 crore across a variety of sectors and projects.

Shivi

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