In a historic event held on Wednesday, February 21, at the Intercontinental Hotel, Marine Lines, Mumbai, the Maharashtra Chapter of the Indo-Gulf & Middle East Chamber of Commerce (INMECC) marked a key milestone with an official opening by Maharashtra Housing Minister Atul Save.
Distinguished guests included Dr. N. M. Sharafudeen, Chairman of INMECC, chief guest Dr. Rajendra Bharud, Jt. CEO MITRA & Commissioner Tribal Research & Training Institute, Maharashtra Government, and Guest of Honour Satish Kumar, Western India Regional Director, Corporate Ministry Office.
Minister Save gave a red carpet welcome and highlighted unique incentives for investors looking to contribute to Maharashtra’s burgeoning commercial sector. Recognising the state’s expanding appeal for foreign direct investment (FDI) and its business-friendly environment, he reaffirmed India’s ranking as the world’s fifth-fastest-growing major economy.
With its critical position, Maharashtra is expected to considerably contribute to India’s rise to the third-largest global economy in the next five years.
Therefore, Minister Atul Save emphasised his full support for the chamber in his address. He recognised Maharashtra’s twin significance as India’s manufacturing and financial hub. He stressed the state’s strategic advantage for doing business between India and the Middle East and the possibility for INMECC to play a critical role in facilitating future collaboration.
Furthermore, Minister Save acknowledged Maharashtra’s status as India’s most industrialised state, highlighting key projects such as the Mumbai-Nagpur Samrudhhi Marg, the Bombay Delhi Industrial Corridor, and the Mumbai Coastal Road. He revealed the government’s decision to build a new port at Vadhvan, near Dahanu, four times larger than the Jawaharlal Nehru Port in Nhava Seva, strengthening Maharashtra’s economic significance.
Subsequently, Dr Rajendra Bharud’s talk revealed remarkable data, stating that Maharashtra had received 38% of India’s total FDI, totalling Rs. 65,000 crores. He attributed this accomplishment to the country’s favourable business environment and cited Maharashtra’s efforts, such as the MAITRI platform, which intended to streamline processes and expedite investment procedures.
Dr Bharud focussed on the importance of empowering women in the workplace, citing the existing percentage of female labour force participation rate of 24% in semi-skilled and skilled industries. He highlighted the need to boost this percentage for India’s overall development, acknowledging women’s critical role in the country’s growth.
Satish Kumar presented interesting observations regarding Maharashtra’s business scene, noting that the state is home to three lakh firms and one lakh Limited Liability Partnership entities, with an impressive 60% of market capitalisation concentrated in Maharashtra. He reaffirmed his commitment to the chamber and strongly supported future collaboration. In a proactive effort, Kumar invited the chamber to submit comments to improve the ease of doing business in India, highlighting the value of feedback and creative ideas in creating a more investor-friendly climate.
The ceremony also featured speeches by Dr. Sureshkumar Madhusudhanan, secretary-general of INMECC, who welcomed the dignitaries, and Dr. P.J. Aprain, president of the INMECC Maharashtra Chapter. Dr James Mathew, vice chairman and president of the UAE Chapter of INMECC, Davis Kallookaran, vice chairman of the Foreign Investment Committee, Oman Chamber of Commerce and Industries, and Jagdeep Rikhy, Founder Director from New Delhi, all expressed their viewpoints. V. S. Abdul Kareem, vice president of the INMECC’s Maharashtra Chapter, offered a vote of gratitude.
