Chief Minister Devendra Fadnavis to ease regulatory procedures for business announced that the number of approvals needed from the state will be reduced to 25 from the 76 at present. This comes in the backdrop of Fadnavis' visit to Davos to attend the World Economic Forum (WEF) meet.

State industry minister Subhash Desai speaking at the valedictory function of a two-day seminar organized by the Textile Association India (TAI) said that the government to simplify regulatory procedures for business. In next two days the state government will be coming out with a list of permits or no-objection-certificates that will no longer be required for starting a business. It will issue a list of 25 permits required to start an industry, and the 52 that have been done away with.

With a major focus on developing the sector in Vidarbha Desai said that Maharashtra state will also announce a new textile policy. The main objective of the policy is to lay special emphasis on raising processing units at various levels from cotton to manufacturing textiles for the assured long term development on priority basis in the cotton producing sectors, expansion of the textile industry and growth of employment in the State.

The aim of the policy is to attract a total investment of Rs. 40,000 crores in the sector for the purpose of adding value to 45 lakh surplus cotton bales produced in the State. It is proposed to create 11 lakh new jobs in the State in next five years in the sector.

The government has also got proposals for a cumulative industrial investment of 6,000 crore from 16 companies. The list is already out, and now a new list, which takes the total proposed investment to over 10,000 crore, will be released soon.

Chief Minister Fadnavis said that a 'make in India' pavilion will be set up during the Davos meet to promote investment, where the make in Maharashtra concept will also be mooted. Parleys will be held separately to attract investment in the country. He was speaking at an investor education meet supported by the Bombay Stock Exchange (BSE).

Stressing on the importance of spreading banking services in the economy, he pointed out that a recent survey has revealed that in Maharashtra over 90% of the banking business is accounted for in only three districts of Mumbai, Thane and Pune. If regions like Vidarbha and Marathwada are taken, the credit off take from banks does not go beyond 2.5 to 3% of deposits.

Reacting to a suggestion by MD and CEO of BSE Ashishkumar Chauhan, Fadnavis said that the government can consider contributing capital to small and medium-enterprises if the units want to tap the stock market. Chauhan had suggested that the state subscribe to shares of enterprises that may go public. The stock can be sold at a profit if the company grows. Fadnavis has found the proposition worth considering and has asked Chauhan to come up with a detailed presentation on it.