Chhattisgarh Receives Investment Proposals Worth More Than Rs 15,000 crore

RAIPUR (India CSR): Chhattisgarh today attracted Rs 15,184 crore investment through various industrial proposals by top companies with a focus on sectors like semiconductor, IT, electronics, food processing, EV, electrical and renewable energy at the Investors Connect Meet held in New Delhi.

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Key industrialists from both India and abroad engaged in detailed discussion with Chhattisgarh Chief Minister Vishnu Deo Sai to explore investment opportunities in the state. The discussions were focused on exploring potential investments that will boost the state’s industrial growth and create thousands of employment opportunities. Investors from various sectors showed keen interest in setting up business in the state.

Chhattisgarh Chief Minister Vishnu Deo Sai emphasized that the State’s New Industrial Policy 2024-30 is highly favorable for investors and extended a warm invitation to industrialists and investors to explore the vast opportunities and potential the state offers.

“Chhattisgarh has immense potential for investment in sectors like agriculture, food processing, energy, mining, and manufacturing. Our new industrial policy provides tax, land, and electricity exemptions as well as single-window clearance for industries. This policy not only emphasizes on setting up industries but also on employment generation,” CM Sai said.

Highlighting some of the pro-investors features of the policy, the CM said that the policy includes special subsidy and incentive packages for emerging sectors like AI, robotics, green hydrogen, and data centers, streamlined approval processes through the Digital Single Window System 2.0 and a conducive environment with strong administration of the state.

“Chhattisgarh is no longer just a mineral-rich state; it is becoming a hub for modern industries and emerging technologies,” the Chief Minister said, adding that the New Industrial Policy aims to make the state self-reliant and empowered by 2047.

Elaborating further on the initiatives taken by the state government, the CM said that the Industry Department has streamlined the subsidy issuance process with a maximum of three levels and a time limit of seven days, ensuring a fast and efficient approval system.

To promote Industrial Growth, the State Government is offering a 30% subsidy for private industrial parks under the “minimum government” concept. Additionally, for industries looking to set up operations, ready and developed plots will be provided within 60 days of application, he added.

The Chief Minister said that the government is committed to minimizing interference in the establishment and operation of industries. Many processes will be facilitated through self-certification or online platforms, eliminating the need for direct interaction with government offices.

The Chief Minister volleyed various questions from the investors and reassured them stating, “”The Chhattisgarh government will stand with you at every step, ensuring a smooth and supportive journey as you set up your businesses.” He explained in detail about the better infrastructure, skilled human resources and peaceful environment available in the state.

The Chief Minister expressed confidence that this investor meet will take the industrial development of Chhattisgarh to new heights. The event witnessed enthusiastic participation from industrialists, who lauded the policy’s focus on modern technologies and ease of doing business.

Chhattisgarh Industry Minister Lakhanlal Dewangan, Chief Secretary Amitabh Jain, Secretary to Chief Minister Rahul Bhagat and Investment Commissioner of Chhattisgarh in New Delhi Ms. Ritu Sain and other senior officials were present at the event. These officials provided detailed insights into the state’s industrial ecosystem and the benefits of investing in Chhattisgarh.

Chhattisgarh Industry Secretary Rajat Kumar said Chhattisgarh is not just about mines and minerals it is rapidly evolving into a significant hub for electric vehicle (EV) manufacturing. Kumar said that the state is diversifying its industrial base and has become a key player in the production of a wide range of products, from pharmaceuticals and train shells to televisions and lighting equipment.

IIM graduates to be appointed as investment managers

To support industrialists, the state has signed an MoU with IIM Raipur, enabling the appointment of graduates as investment managers under the Chief Minister’s Industrial Internship. These managers will assist industrialists remotely helping to streamline processes and offer personalized support.

Special incentives on investment in Bastar region

The Chief Minister announced significant incentives to boost industrial development in Bastar, including 50% royalty exemption on iron ore and 100% royalty exemption on coal for core sector industries. Additionally, industries will benefit from a 15-year reimbursement of royalties and state cess. To further encourage investment, a 118-acre industrial area is being developed in the village of Niyanar.

Priority to investment in modern technologies

The Chief Minister highlighted that the new industrial policy of Chhattisgarh prioritizes emerging and modern technologies such as Artificial Intelligence (AI), Robotics, Green Hydrogen, and Data centers. Additionally, key sectors like IT, Pharma, Electronics, and Food Processing have been given special focus. Industries in these areas will receive 30% to 50% assistance, along with tax exemptions ranging from 5 to 12 years, ensuring a smoother setup and operational process for businesses.

During the event, industrialists from various sectors showed their keen interest in investment in Chhattisgarh and offered investment proposals. Polymatec Electronics Limited MD Eswararao Nandam proposed an investment of 1134 crores in the semiconductor sector, which will create more than 100 jobs. At the same time, Teleperformance COO Ashish Johri shared a plan to set up a back office center by investing 300 crores. Micromax’s Rajesh Agarwal proposed an investment of 100 crores in solar cell manufacturing. Varun Beverages CEO Kamlesh Jain expressed his desire to invest 250 crores in PepsiCo bottling plant. Purushottam and Uttam Singhal of TWI Group suggested an investment of 1650 crores, which will create 1000 employment opportunities. Praveen Gupta of Paramount Communications promised an investment of 250 crores and 1000 jobs. Renew Power Limited’s Sumant Sinha shared a plan to invest 11,500 crores in pump storage and green hydrogen projects. A total of Rs 15,184 crore investment proposals have been received by top companies with a focus on sectors like Semiconductor, IT, Electronics, Food Processing, EV, Electrical and Renewable energy.

Investment Proposals at the Event

This event demonstrated a strong industrial interest in Chhattisgarh, with top companies committing Rs 15,184 crores in diverse sectors like Semiconductors, IT, Electronics, Food Processing, Renewable Energy, and Electricals, showcasing the state’s potential as a hub for investment and job creation.

(India CSR)