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Haryana gets Rs4.5L cr investment pledges
Giving a boost to Haryana Government’s goal of becoming the best investment destination in the country, industry captains from India and abroad made an investment commitments of Rs4.5 lakh crore to the State and 38 Memoranda of Understanding (MoUs), involving investment of Rs1.28 lakh crore, were signed on the opening day of the two-day investors’ summit in Gurgaon on Monday.
‘Happening Haryana Global Investors’ Summit’ was inaugurated by Union Finance Minister Arun Jaitley with a hope that Haryana being in proximity to the national Capital, various industrial corridors would be created to attract foreign investors.
Apart from India Inc, about 12 foreign participants from China, Czech Republic, Japan, Malawi, Mauritius, New Zealand, South Korea, Peru, Poland, Spain, Britain and Tunisia too participated as partner countries.
The mega summit, organised by the State Government in association with the Confederation of Indian Industry (CII), comes at a time when Jat quota agitation witnessed in and around Haryana last month in which at least 30 people were killed and properties worth about Rs35,000 crore were destroyed.
Prior to the mega investors’ meet, Chief Minister Manohar Lal Khattar said entrepreneurs assured him of their keenness in investing in the State and hinted at some major economic policy reforms to give industrialisation a leg-up, and the economy of Haryana as a booster dose.
“I promise that you will never find my Government hesitating, or, wanting, in going the extra mile to support your venture. Our Enterprises Promotion Policy, 2015 is just a beginning. We have planned some major economic policy reforms in the coming days.”
When the Summit was conceived five months ago, it was designed as the first event towards realising the goal of achieving an investment of Rs1 lakh crore or $16 billion when the policy was announced on August 11, 2015. “But now, I am told by our Chief Secretary that the commitments so far had already exceeded this target by 200 per cent. We hope by end of the summit on Tuesday, this number will see a still more substantial increase,” the Chief Minister said.
Supporting Khattar’s endeavour for the development of the State, Jaitley talked tough on reforms and policy executions to attract investment and ensure equal development of all districts. “Those States which don’t reform, then people in those States will be at a disadvantageous position. Reform or perish could not be more true than it is today. Industrialists are not philanthropists. For every rupee they spend, they weigh many factors,” he said, adding that policy paralysis, unreasonable taxation structures, low ethics and integrity and unfriendly policies will drive away investments.
Jaitley also said that some districts in the State have witnessed rapid development but some are still lagging. “There are several other areas that Haryana will have to race through if not walk through. When social challenges emerge, they emerge because of inequalities. Therefore, development that is taking place in one part of the State should also be addressed in other parts of the State. Educational institutions also have to be expanded.”
He also urged the State to utilise the decision of the Union Government to make amendments to the Motor Vehicles Act to do away with permit system in public transportation as well as the decision to permit 100 per cent foreign direct investment (FDI) in food processing industry.
Apart from the Finance Minister, Oil Minister Dharmendra Pradhan, Minister of Urban Development M Venkaiah Naidu and Railway Minister Suresh Prabhu were present to encourage the summit. Though key corporate giants like Mukesh Ambani and Cyrus Mistry were not present in the event, a fair share of investment promises were made for the development of the state.
“We will invest Rs550 crore in the food processing sector besides helping Haryana farmers with model farms where modern farming techniques are used,” ITC Chairman YC Deveshwar said. While, Malvinder Mohan Singh, Executive Chairman, Fortis Healthcare added, “We will expand in each of our business in the state with the single roof clearance.”
However, Rajiv Singh, Vice-Chairman, DLF, said that the group would spend Rs20,000 crore over the next 5-7 years in the state. Also, Jindal Realty has signed a Memorandum of Understanding (MoU) with the Government of Haryana to further boost their investment in developing Sonepat and Kurukshetra as new destinations. “The company will invest Rs1,800 crore in developing four projects in these areas,” said Gaurav Jain, Managing Director and CEO, Jindal Realty.
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