Mumbai, Mar 10 (PTI) Gadchiroli, once afflicted with the Naxalism menace, is now emerging as a steel hub with investment agreements worth Rs 21,830 crore signed for the district at the recent World Economic Forum in Davos, Maharashtra Deputy Chief Minister Ajit Pawar said on Monday while presenting the state budget for 2025-26.

These investments would generate 7500 jobs, Pawar, who holds the finance portfolio in the Devendra Fadnavis government, told the assembly.

A network of mining highways is being developed to improve transportation in the district, and works costing approximately Rs 500 crore will be undertaken in the first phase, Pawar said.

A package scheme of incentives is being implemented to promote balanced regional development, under which a grant of Rs 6400 crore is proposed for 2025-26, he said.

Presenting the budget, Pawar said the 'Maharashtra Technical Textile Mission' will be established to develop the state as a global hub, which will benefit cotton farmers in Vidarbha.

An 'Urban Haat' will be set up in Nagpur, Vidarbha's largest city, to provide facilities for handloom weavers, he said.

"Maharashtra will announce a new industrial policy for 2025 soon. The policy aims to attract investments worth Rs 40 lakh crore and create 50 lakhs jobs in five years. Similarly, separate policies will be announced for space and defence manufacturing sectors, electronics, gems and jewellery, MSMEs as well as for circular economy," he said.

New labour rules will be framed as per the new labour code of the Union government, Pawar said in the assembly.

Pawar presented a Rs 7,00,020 crore budget for the fiscal 2025-26. PTI MR BNM

Industrial policy aims to attract major investment and create substantial employment via sectoral policies and incentive packages. The budget announces an Industrial Policy to attract major investments and create large scale employment, supported by sectoral policies and a package scheme of incentives with a specified grant for the fiscal year. It includes infrastructure and sectoral initiatives in Vidarbha and Gadchiroli-steel investments, a mining highway first phase, a technical textile mission, and an urban handloom marketplace-and commits to framing new labour rules under the national labour code within the stated fiscal envelope.