Global economic recession affecting investment: Maha CM

The global economic recession is badly affecting investments in the state and investors would become active as soon as it is over, Maharashtra Chief Minister Prithiviraj Chavan said here on Friday.

Reviewing the economic situation and investment scenario in Maharashtra with the Confederation of Indian Industries (CII) officials here, Chavan said that captains of the industry have demanded a review of the power tariff hike and the state government would soon intiate the process.

The government had reviewed investment commitments during the two day 'Advantage Vidarbha' conclave in February and some more investments are on the cards, Chavan told reporters here.

The Container Corporation of India (Concor) had evinced interest in the Multi-modal International Cargo Hub and Airport at Nagpur (Mihan) project and land is being allocated, he said.

On the Mihan front, Chavan said the process of land acquisition is on and land is yet to be taken over from their owners.

Adequate compensation has been announced, but unless the land acquisition process is complete, the government would have to wait.

Today's meeting with CII also reviewed the progress of Mihan, the National Manufacturing Zone and textile park, in the wake of new industrial policy.