Madhya Pradesh is planning attract big investments and double its Gross Domestic Product (GDP) in five years to emerge as a strong economy, Chief Minister Mohan Yadav said.
“We will double our GDP from ₹3.5 lakh crore currently in five years. And all the industry promotion we are doing is part of that strategy,” Mr. Yadav said in an interview ahead of investment summits planned in the State.
The Chief Minister was in Mumbai to meet representatives of business houses. He showcased the State’s potential and invited them to invest in Madhya Pradesh. Top executives from Aditya Birla Group, Larsen & Toubro and Reliance Group attended the meeting.
Mr. Yadav said there would be no change in the way the State has been governed. However, he would like to expedite processes to achieve desired goals in the shortest time span, he said.
“We need to create a conducive environment for investors and provide better infrastructure to woo investment. We have a mining sector and we are talking to investors who are keen on investing in mines. We want to make use the of raw materials for finished goods,” he said.
“We have potential in education and tourism such as in forest tourism, health tourism and religious tourism. We want to grow them all,” he added.
The State has announced holding of Regional Industry Conclave (RIC) on July 20 to promote small industries in the State and a Global Investors Summit in February 2025 in Bhopal to attract large-scale investment.
The Chief Minister has identified certain regions to ensure regional economic development and remove regional disparity. The RIC aims to highlight the unique sectoral strengths of the region. This includes showcasing regional specialties such as specific crops, industries and products integral to the local economy. Besides mining, education and tourism, the sectors in focus include pharmaceuticals, IT, agriculture and aerospace.
The manufacturing sector has been constantly adding almost 20% to the State’s GDP and has witnessed a year-on-year growth of approximately 5.42% in the last fiscal. The State’s policies and initiatives have contributed to this positive trend and it has committed to sustain this momentum in the coming years.
The State government is planning to overhaul the existing policies and bring in new zeal to the ecosystem. At present, consultations are on with prominent stakeholders with regards to the New Industrial Policy which is expected to come soon.
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