Want to make Mumbai a financial technology hub: CM Fadnavis
What's the story
Maharashtra CM Devendra Fadnavis said he wants to make Mumbai a hub for financial technology. Fintech is an emerging and fast-growing sector offering tremendous employment potential, Fadnavis said, adding he's keen to invite foreign investment. He added they are focusing on fintech and haven't leveraged Mumbai's recognition as India's financial capital. Fadnavis, who's currently in New York, will also visit Washington and San Francisco.
Highest FDI
Maharashtra attracted highest FDI in the country, says Fadnavis
Inviting investors, Fadnavis said, India along with Maharashtra is changing. He also pointed out that Maharashtra has been able to attract highest FDI in the country. "We are as competitive as any other place in the world in terms of ease of doing business. If you want to get good returns on their investment, we are the best place to invest," he said.
New policies
Demonetization, GST have welcomed foreign investors, companies: Maharashtra CM
Demonetization and GST implemented by the Indian Government have been welcomed by foreign investors and companies, Fadnavis said. He also alluded to the World Bank's ease of doing business ranking in which India jumped 30 positions and for the first time moved into the top 100, saying credit for the improved performance by India goes to Maharashtra and Mumbai.
Trillion dollar economy
Maharashtra aims to become trillion-dollar economy by 2025
While India aims to become a $5 trillion economy over the next few years, Fadnavis said Maharashtra aims to become a trillion-dollar economy by 2025. He noted said that infrastructure-led growth is part of his strategy to achieve this goal as infrastructure creates job opportunities and accelerates the entire economy. Of over 20mn infrastructure projects in the country, 51% are in Maharashtra, he said.
Cooperation
Indian states are motivated by a spirit of cooperative federalism
Fadnavis added that service-oriented manufacturing and manufacturing-oriented services are a focus area where we can actually skill people and make them more productive. Fadnavis said states across India are motivated by a spirit of cooperative federalism and this will help change the face of the nation. Fadnavis stressed that states competing for foreign investment doesn't mean they are taking each others' share.
Artificial intelligence
AI can improve various sectors, especially agriculture, says Fadnavis
During his Canada visit earlier, Fadnavis focused on investments and partnerships in AI sector, especially to help agriculture. He said Quebec University and four Maharashtra agriculture universities have come together to form an alliance to focus on eradication of pests in agriculture. The alliance would look at precision farming, that will not only enhance the productivity but will cut down the cost of cultivation.
Drones
Pesticides in fields can be sprayed using drones: Fadnavis
Fadnavis noted that small farm holdings in India do not have the ability to infuse mechanization on their own, but this can be achieved through collective efforts in AI. Voicing concern that spraying of pesticides in fields is also a cause for farmer deaths, he said AI has opened a window where there can be precision spraying of pesticides through drones.