Maharashtra Cabinet clears Export promotion policy to increase exports to 14% from 7%, attract investment of Rs 25,000 cr & create 40,000 jobs

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The Maharashtra Cabinet chaired by Chief MinisterĀ  Eknath Shinde on Wednesday approved a comprehensive export promotion policy that aims to increase state’s exports to 14% from 7%, attract foreign direct investment of Rs 25,000 crore ans generate 40,000 jobs.
The policy will be implemented till 2027-28. The aim of this policy is to increase the exports of the state from $72 billion to $150 billion, to develop 30 export-oriented infrastructure development projects in the state in the next five years and to achieve 22 percent share of exports in the proposedĀ  target of $1 trillion by 2030.
About 5,000 MSMEs and large industrial units in the state will benefit from the proposed incentives in the policy.
As per the policy, the state government will provide financial support for export oriented specific projects within the limit of Rs 50 crores of the approved project cost for infrastructure works and export oriented industrial parks within the limit of Rs 100 crores. Along with this, insurance cover, interest subsidy and export promotion subsidy have been offered toĀ  MSMEs who will export their products.
Also, for import substitution, the central government has offered incentives like electricity tariff waiver, employee provident fund and special capital subsidy.
This decision will make it possible to increase the participation of the state in the global value chain. For the sustainable development of the state, the policy aims to make full use of export potential of priority areas and MSMEs by achieving diversification in exports. Further, the policy proposes to promote the construction of nuclear processing based export capable food processing/agro processing industries in the Agricultural Prosperity Centers along the Samrudhi Highway considering the farmers of the state as the focal point.
This will accelerate the development of the districts as export hubs by increasing the contribution of each district in the exports of the state for regionally balanced development of the state by finding markets/countries, new export potential products and exportable entrepreneurs in the districts.
The State Export Executive Council has been established under the chairmanship of the Industries Minister. The Council reserves the right to make necessary amendments to the Export Policy.
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