Mumbai, Oct 9 (PTI) Madhya Pradesh Chief Minister Mohan Yadav on Thursday said his state offers the cheapest electricity in the country and a vast land bank, which makes it an attractive destination for businesses looking to expand.

Yadav was speaking here during an interactive session on investment opportunities in MP.

"Madhya Pradesh has the cheapest electricity rates in the country and we also have a huge land bank available. This presents a massive opportunity for industries to set up their units in our state," he said.

"I have kept the industries portfolio with myself to streamline business processes and ensure faster decision-making for investors. If there is a proper system in place, it helps industry to grow. That is why I retained the industries ministry to make investment processes smoother. Industries do not just seek growth but also expect a conducive and peaceful environment to expand," the CM added.

Madhya Pradesh is like a brother to Maharashtra, Yadav said while urging industries to continue their business here as well as in his state.

"The days of depending on seaports for business growth are gone. Now is the time for the air cargo sector. MP now has nine airports with plans to extend benefits to investors. We have surplus power, a solid road network, and 18 different policy services to support businesses. Sectors like MSME, heavy industries, health, education, hospitality, real estate and mining are futuristic and open for investment," he said.

He said Indore and Bhopal metropolitan regions have already been developed, while similar expansion is underway for Jabalpur and Gwalior.

"Wherever we are opening our industrial parks, investment is coming, especially in the pharma sector. We have a streamlined industrial policy," Yadav added.

Stating that Madhya Pradesh has historic ties with Maharashtra, he said new opportunities were opening for all under Prime Minister Narendra Modi's leadership.

Speaking to reporters after the session, Yadav said Madhya Pradesh attracted investment commitments of Rs 30 lakh crore through a conclave last year.

"This year has been declared as the year of industrial growth and employment generation. MoUs worth Rs 50,000 crore have been signed. I will soon tour other states to invite more investors," he said.

While responding to a question, Yadav said MP has strong presence in the defence sector with Jabalpur, Sagar and Mhow (Dr Ambedkar Nagar) emerging as significant hubs.

"Wherever Prime Minister Modi goes, opportunities for progress get created automatically. In the last 10-11 years, the economy has moved from the 10th to the fourth largest and is now heading towards becoming the third largest in the world. Business is growing because of the trust in his governance," Yadav said.

The chief minister expressed confidence that Maharashtra and Madhya Pradesh would strengthen economic ties further following the summit. PTI ND BNM

Investment incentives drive industry locational advantages as cheap electricity and streamlined approvals attract business expansion. Madhya Pradesh promotes low electricity tariffs and a large land bank to attract industry, with the Chief Minister retaining the industries portfolio to streamline decision-making and accelerate approvals. The state pairs these advantages with infrastructure and policy measures-air connectivity, surplus power, road networks, industrial parks and 18 policy services-to support sectors including MSME, pharma, heavy industry and defence, and to drive industrial growth and employment generation.