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PM Modi to open business summit in Maharashtra in February

IANS | New Delhi |

In a bid to attract investments to the state, the Maharashtra government has decided to hold a “Magnetic Maharashtra: Convergence 2018” conclave in Mumbai from February 18 to 20 and it will be inaugurated by Prime Minister Narendra Modi.

Conversion rate for memorandums of understanding (MoU) in the state had been highest in the country, as it was a place made for business, Maharashtra Chief Minister Devendra Fadnavis said during an event here.

“The average conversion rate for MoUs is 30 per cent. In Maharashtra, it is over 50 per cent,” Fadnavis said.

He said that out of the MoUs worth Rs 8 lakh-crore signed during the “Make in India Summit 2016”, investment of Rs 4.5 lakh-crore had already been made so far.

Maharashtra’s economy is worth $400 billion and its growth rate over 10 per cent.

“So, if we can sustain this growth rate for next seven-eight years, we will become first $1-trillion economy in the country. In order to achieve that, we want to showcase our strengths and opportunities,” he added.