Mumbai: Amid reports of slowdown in the economy and slashing of growth targets by various agencies, data put out by Centre for Monitoring Indian Economy (CMIE) states that projects worth a record Rs 4.8 lakh crore are expected to be completed in this fiscal.
This will be the highest ever project completion in a single year, it said.
Incidentally, during the last year(FY12), projects worth Rs 4.3 lakh crore were completed.
"The fact that many industries are slated to see a record or huge capacity addition in FY13 is getting lost in the noise about the slowdown in capex," the economic think tank said.
"While it is true that new investment proposals have fallen sharply, a large number of projects have failed to take off in the last two years, progress of the existing projects has been slow and many have already overshot their deadline, but projects in advance stages of completion are still chugging well.
The industry is expected to complete projects worth Rs 4.8 lakh crore in FY13," CMIE said.
Industrial and infrastructural projects worth Rs 1.8 lakh crore were already commissioned during April-November this year, while information about projects worth Rs 38,330 crore, which were suppose to get completed during October-November, is yet to be received.
According to CMIE, 1,700 projects worth Rs 3.8 lakh crore are scheduled to get completed during December 2012- March 2013 period and even if 75 percent of these projects meet their deadlines, the total completion during the year (in terms of cost) would be close to Rs 4.8 lakh crore.
While CMIE has not named individual companies whose projects would see completion this year, it has said that sectors like electricity, fertilisers, paints, hotels and health services are expected to add record capacities in this fiscal.