Economic growth returning with unlock measures: Uddhav Thackeray

Maharashtra Chief Minister Uddhav Thackeray on Thursday said economic activity is rising with unlocking measures and emphasised the need for creating more jobs.

He said the situation is not like Prime Minister Narendra Modi's demonetisation move of 2016, which had led money to ''disappear''.

''There has been an economic slowdown for sure globally. But even if it has slowed down, we are now seeing that after a little bit of opening by us, the economy is coming up again,'' Thackeray said while speaking at an event organised by IMC Chamber of Commerce and Industry.

He said the return of growth illustrates that money has not ''disappeared'' the way it had after the demonetisation and added that once the wheels of the economy start rolling, there will be more growth and money also will start to flow.

Thackeray stressed that automation may not be the solution to all our woes and development has to be accompanied with a growth in jobs and income earning.

It is only through jobs that the purchasing power of an individual gets supported, he said and wondered who will buy the goods that get produced if sufficient jobs do not get generated in the economy.

Maharashtra is witnessing protests in many pockets by traders against continuing restrictions on business hours and have expressed concerns about the impact of such curbs on the broader economic growth.

Restrictions are in place to curb spreading of coronavirus infections.

Thackeray said 70 per cent of the over Rs 60,000 crore investment proposals for which the state had signed memorandums of understanding with industry have started rolling with some work happening on the ground such as land acquisition.

Acknowledging that industries are being wooed by other states, Thackeray exuded hope that businesses will not leave the state.

Meanwhile, realty sector businessman Niranjan Hiranandani said fuels are the most costly in Maharashtra because of the high taxation structures and warned that new investors will prefer putting up capacities outside the state and existing ones will also go outside for their business expansion.

Asia's oldest stock bourse BSE's Managing Director and CEO Ashishkumar Chauhan said Maharashtra lost out on the IT story barring TCS and the former PCS, to Hyderabad and Bengaluru, and urged the government to ensure that industries which will flourish in the future come to the state.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)