The governor, who was speaking on the occasion of the 53rd foundation day of the state, said the new industrial policy focuses on getting more investments, generating employment and promoting balanced regional development.
"The new policy targets an industrial growth of 12-13 percent, to increase the share of manufacturing to 28 percent in state GDP, creating 20 lakh new jobs and attract investment of Rs 500,000 crore over the next five years," the governor said.
As part of this endeavour, 375 mega projects have been sanctioned since 2005 with an employment potential of 342,000 jobs.
"To accelerate economic growth in Maharashtra and to usher in all round development and ensure growth and social equity, the state would implement a plan of Rs.275,000 crore during the 12th Five Year Plan," Sankaranarayanan said.
Expressing concern over the prevailing drought-like situation in several parts of the state, Sankaranarayanan said the state government was making herculean efforts to tackle the issue.
The measures implemented include a package of Rs 1,985 crore for relief by way of food and drinking water to people and cattle, supplying drinking water through more than 4,000 tankers in 3,340 villages and 8,253 hamlets and providing employment to around 285,000 people in the affected regions.
Pursuing its principles of inclusiveness, equality and humanity, the state government will soon set up world-class memorials dedicated to Babasaheb Ambedkar in Mumbai and Rajarshi Shahu Maharaj in Kolhapur, he added.
The governor also spoke on the major achievements notched by the state on various fronts, including youth, women, minorities, healthcare, e-governance and infrastructure developments.