Maharashtra to float multi-billion dollar fund for defence units

Share This Post

The state government is looking to float a multi-billion dollar fund to provide assistance to units looking to manufacture indigenously-built defence products. The government is looking to scale up the already announced corpus of ₹1,000 crore following positive response from the investors to its defence and aerospace policy, senior officials said.

Centre to help
“We are in talks with financial institutions to scale up the corpus. This will now be a multi-billion dollar fund,” said a senior official from the Chief Minister’s office. The Centre is also likely to contribute. The government is in talks with financial institutions such as IDBI Bank, SBI Caps, Maharashtra Industrial Development Corporation (MIDC) for financial assistance. “The fund is important in our endeavour to reach the investment target of $5 billions in the next five years, and, additionally create about one lakh jobs in the same period,” said the CMO official.

Maharashtra’s Space and Defence Production Policy is aimed at empowering the MSMEs and help them “create competitive international standard skilled manpower”. The policy is aimed at attracting investment in Pune, Nashik, Nagpur, Ahmednagar, and Aurangabad, while establishing Maharashtra as the preferred destination for the defence aerospace manufacturing, and defence technological capabilities.

Essential Service
Last year the then defence minister Manohar Parrikar had directed the state to declare the defence industry as an essential service under the Maharashtra Essential Services and Maintenance Act. Much of the funding, officials confirmed, will be directed towards defence R&D, innovation, and testing centres.

The centres will be used to impart training and create jobs. Research and development (R&D) will also get a boost with assistance up to 50% of the project cost, excluding land and building, subject to a maximum of ₹10 crore. Additional FSI of 0.5 will be provided to eligible R&D units.

“We have already signed an MoU to construct a centre with the help of Tata Technologies Ltd,” said the official, referring to the one inked during the Magnetic Maharashtra summit earlier this year.


Related Posts

Aurangabad to host first inception meet of W20 India as a part of India’s G20 Presidency on Feb 13, 2023

W20 India will strive to take forward the Honourable Prime Minister’s vision of India's G-20 presidency to be inclusive, ambitious, decisive, and action-oriented. Four large world class events with international delegates will be held showcasing India’s rich culture and heritage. Classical dance, handloom and handicraft mela with nano entrepreneurs and local cuisine. The 1st inception meet will be in Aurangabad on 13-15 February 2023.

एमजीएम खगोल अंतराळ विज्ञान केंद्रातर्फ जेम्स वेब अंतराळ दुर्बीण खगोल महोत्सवाची सुरुवात

औरंगाबादेत जेम्स वेब स्पेस टेलीस्कोप मिररची देशातील एकमेव प्रतिकृती. आज...

औरंगाबादला पावसाने झोडपले; तासभर ढगफुटी सदृश्य पावसाचे तुफान

औरंगाबाद शहराला ढगफुटी पावसाने झोडपले, शहरातील सखल भागात मोठ्या...

औरंगाबाद विमानतळ: सलग तीन वर्षे देशातील गटातील सर्वाधिक तोटा असणाऱ्या विमानतळाच्या यादीत

औरंगाबाद विमानतळ: सलग तीन वर्षे देशातील गटातील सर्वाधिक तोटा...

स्मार्ट औरंगाबादसाठी मिळणार अतिरिक्त ₹1000 कोटी; १५व्या वित्त आयोगाच्या शिफारसीमध्ये भारतातील ८ शहरात मिळवले स्थान

केंद्र सरकारच्या महत्वाकांक्षी प्रकल्प असलेल्या स्मार्ट सिटी मिशनच्या पुढील...
- Advertisement -spot_img