Investment proposals of Rs 17,000 crore were received at the Regional Industry Conclave for setting up large-scale units in Madhya Pradesh, Chief Minister Mohan Yadav said on Saturday.

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He said an MoU has been signed for manufacturing tanks for the Army at defence production units in Jabalpur and announced setting up an ultra-modern skills development centre for promoting the textile and garment sector.

The chief minister said in the seven decades of independence, India left behind its former colonial rulers who had "looted" the country for more than two centuries, apparently referring to India replacing the United Kingdom in the pecking order of global economic powerhouses in the fifth spot after the US, China, Germany and Japan.

During the day-long event, Yadav laid the foundation stone and inaugurated 67 industries with an investment of Rs 1,500 crore which will generate 4,500 employment opportunities.

The state has received investment proposals of Rs 17,000 crore at the conclave, according to the chief minister.

"Madhya Pradesh is attracting everyone as under the leadership of Prime Minister Narendra Modi, the country has become the fifth largest economy in the world," Yadav said citing MP's "immense potential" for industry.

He said an MoU for manufacturing tanks for the Army at defence production units in Jabalpur, which currently produce howitzers, has been signed.

"Time is changing rapidly. Sixteen industrial areas have sprung up in the Mahakoshal region with 517 Micro, Small and Medium Enterprises (MSME)," said Yadav.

Yadav highlighted that products manufactured at 275 pharmaceutical firms in Madhya Pradesh are being exported to 160 countries, stating big pharma companies in the world are also operating in the state.
He said MP houses 70 units of branded food.

"My government will take steps to set up a diamond polishing industry in Madhya Pradesh given that diamonds mined in the state (in Panna district) are polished outside," Yadav added.

He said the proposed ultra-modern skill development centre will promote the textile and garment sector and also provide training to women. Additionally, immense employment opportunities will be generated.

Later speaking to reporters, the chief minister said the overall investment proposals include the ones received from 15 investors promising investment of Rs 5,000 crore.

"Letters of Intent were issued to 265 industrial units for the allotment of 340-acre land which will attract investment of Rs 1,800 crore and generate employment for more than 12,000 people," he added.

An MOU of Rs 600 crore was also inked between Ashok Leyland and Armed Vehicle Nigam Limited for manufacturing of defence equipment, Yadav said.

Among prominent investors, Heidelberg Cement will set up a plant in Damoh district with an investment of Rs 1,500 crore, Volvo-Eicher Commercial Vehicles will establish a unit in Bhopal with an investment of Rs 1,500 crore and SRF pharmaceuticals will invest Rs 2,500 crore by establishing a unit in the state, he added.

More than 4,000 delegates, including those from Taiwan, Malaysia, the UK, Fiji, Costa Rica and Indonesia, participated in the business event where 700 buyer-seller meets were organised.

"The conclave was focused on defence, mines and minerals, agriculture and food-processing, textile and garments and tourism sectors," he added.