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Tuesday, July 23, 2024
HomeTop News$5Bn didn’t bring any prosperity

$5Bn didn’t bring any prosperity

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Ashok Chavan questions the tall claims made by Fadnavis government about attracting investments in the state after the uncertainty looming over Foxconn project.


Maharashtra Pradesh Congress Committee (MPCC) president Ashok Chavan has demanded a clarification from the Fadnavis government about the status of the Foxconn project which is likely to be called off due to the absence of client. Chavan said that the state government always makes tall claims about Maharashtra being a premier investment destination but Foxconn project remains a non-starter despite a $5 billion memorandum of understanding (MoU) signed between the government and the firm. This development comes a day after India was ranked 130 globally in ease of doing business. The lack of interest shown by Taiwanese firm is major setback to the Prime Minister Narendra Modi’s ‘Make in India’ campaign.

“The state government had claimed that it had signed various investment deals with multinational companies under the Make in India scheme but they are yet to see the light of the day. I am worried that whether Foxconn project too will meet with similar fate as the firm is yet to start manufacturing activities in the state,” said Chavan

“When Chief Minister Devendra Fadnavis had said that the Foxconn project will create 50,000 jobs in the state I had compared it with the speeches delivered by Narendra Modi which are only promises that never get fulfilled. Fadnavis had also toured foreign countries for bringing investments into India but they have not materialised yet. The erstwhile Congress government had managed to attract more investments in the country without making false promises,” he added.

Principal secretary of industries department Apurva Chandra said, “The business with Foxconn is yet to materialise. I visited its unit in Vashi and saw that they have not started manufacturing. I was informed that they have not received any client to begin production.”

On whether it was the Maharashtra government’s failure, Mr Chandra said, “Do not look only at the materialisation of MoUs to gauge the investments that Maharashtra has received. There are several projects worth thousands of crores happening on ground and these are investments are beyond the MoUs we have signed.”

“As far as Foxconn is concerned, they say they haven’t found any client. We do not think this is disappointing as we would like to give them some more time before taking a decision,” he added

Foxconn is primarily a contract manufacturer and its clients include major American, Finnish, Japanese and Canadian electronics and information technology companies.

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