New York comes investing in Mumbai

MANHATTEN MOOLAH: Maharashtra CM Vilasrao Deshmukh has invited US investors to the state.

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New York: Maharashtra has become the first Indian state to hold its own investment forum in New York. The state has always been known for its outstanding attributes; and now it’s being touted as the best foreign investment destination.

Maharashtra Chief Minister Vilasrao Deshmukh visited the bustling Manhattan city last week and addressed a conference of over 200 prospective American investors.

Many Mumbaikars feel at home in New York, finding common ground in geography, soaring skylines and the frenetic pursuit of money. Prominent Mumbai residents in New York find the admiration mutual.

“Maharashtra has many inherent strengths, including its strategic location, competitive business clusters, a highly skilled and productive workforce and an investor-friendly government,” Vilasrao Deshmukh - Maharashtra Chief Minister:

Over 180 US delegates spoke to the state government officials and industry experts on some of the major hurdles faced by foreign investors in Maharashtra.

“The main bottlenecks that shoos away investors is perhaps the infrastructure, power, roadways, and ports. Port congestion and roads need to be developed,” said Ajit Ranade Chief Economist, Aditya Birla Group.

And on the question of Mumbai emerging as a global financial hub, Maharashtra's Chief Minister acknowledged there was still work to be done.

“We have to do more on infrastructure. Slums and encroachments need to be curbed. We need some time and funds for that,” said Deshmukh.

When the organizers started marketing the Maharashtra Investment Forum a few months ago, some investors who'd never heard of the state wanted to know if Maharashtra was a developing country. Now thanks to the positive response, the event is likely to return to New York next year.