Proposed investments fell 75% in FY13: Assocham
Signifying the tough times economy has been passing through, proposed investments by domestic and foreign entrepreneurs declined by a whopping 75 percent in FY 2012-13, according to a survey conducted by industry body Assocham.
New Delhi: Signifying the tough times economy has been passing through, proposed investments by domestic and foreign entrepreneurs declined by a whopping 75 percent in FY 2012-13, according to a survey conducted by industry body Assocham.
"India attracted 697 investment proposals through both domestic and foreign entrepreneurs to the tune of over Rs 1.4 lakh crore as of March 2013. However, these have declined from a significant level of 2,828 proposals worth Rs six lakh crore during the corresponding period last year," the survey said.
As per the state-wise analysis of investment intentions of foreign and domestic sources, Maharashtra topped the list attracting maximum share of investment proposals at 20 percent while Kerala accounted for 10 percent of the proposals.
"The governments both at the Centre and in states need to work in tandem to attract private investments which would boost economic growth and spur job creation," Assocham President Rajkumar Dhoot said.
"Maharashtra emerged as most preferred investment destination across India attracting 149 proposals worth over Rs 28,500 crore," he said.
Amid the top 20 states, Kerala is the only state which witnessed a surge in the proposed investments at 10 percent with two projects worth over Rs 14,200 crore. On the other hand, Andhra Pradesh, Haryana, Karnataka, Tamil Nadu and Uttar Pradesh saw a dip in proposed investments.
"Interestingly, the naxal hit Chhattisgarh state ranked second with about 19 percent share, attracting 21 proposals worth Rs 27,000 crore. Gujarat ranked third with a share of 14 percent attracting 106 proposals worth Rs 19,800 crore," Dhoot said quoting the survey.
Besides, Rajasthan ranked fourth with a share of over 10 percent with about 41 proposals worth Rs 14,929 crore.
The survey is based on analysis of proposed investments attracted by various sectors including automobiles, construction, information technology, pharma, power, real estate, services and telecommunications.