Mumbai to host India Economic Summit

MUMBAI, November 11, 2011(Tehelkanews)

Mumbai will be hosting the World Economic Forum\'s (WEF\'s) India Economic Summit for the first time in 26 years of the summit\'s history.



The WEF, in partnership with the Confederation of India Industry (CII), will hold the event from November 12 to 14. With over 800 participants from 40 countries, comprising industry captains, representatives and political leaders will be participating in the summit which has the theme 'Linking leadership with livelihood.\'



Sushant Rao, Senior Director, Head of Asia, WEF, said the summit would focus on linking "inclusive growth agenda" with "equitable growth agenda."



Presenting an ambitious plan for industrial expansion, Maharashtra Chief Minister Prithviraj Chavan said, the State government wanted to facilitate a transition from farming to the services and industrial sectors.



"We are very clear that we want large industrial investments in the State so that people move from agriculture to the services and industrial sector," Mr. Chavan said.



Since the government\'s "policy incentives for large projects or mega projects" in 2007, the State has been able to attract investments the tune of Rs.2.50 lakh crore, he said.



He would be showcasing the State as a major investment destination.



Mr. Chavan said while implementing projects adherence to all laws, environmental, land acquisition and industrial relations would be ensured. He denied that Maharashtra was losing investments to Gujarat.



Maharashtra Chief Secretary R. Y. Gaikwad said the State had prepared a master plan fro attracting investments to the tune of $60 billion.



"The first phase of this plan is aimed at raking in business worth Rs.1.10-lakh crore by 2016. While the total investment target is set for completion by 2031, "our plan is to finish it off by 2021," Mr. Gaikwad said.



On land acquisitions, Mr. Chavan said "adequate compensation" should be given to project-affected persons. "Land acquisition issues are real issues. We are in line with the national policy. Adequate compensation must be given. We are trying to see how land acquisition happens in a short time. It cannot happen at a creeping [pace]. We will be coming up with a new industrial policy soon," Mr. Chavan said.



With the need for transparency in governance, the State was "prepared to strengthen its Lokayukta law." Other initiatives included using technology for e-governance.



Some of the key political participants of the summit are: Union Ministers Anand Sharma, Kapil Sibal, and Sachin Pilot, Deputy Chairman of Planning Commission Montek Singh Ahluwalia; Bharatiya Janata Party President Nitin Gadkari; Advisor to the Prime Minister on Public Information, Infrastructure and Innovations Sam Pitroda; and Chief Ministers of Kerala, Maharashtra, Madhya Pradesh and Andhra Pradesh would also be participating.


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