Maharashtra, Chhattisgarh overtake Gujarat in investments, says latest report by top industries body

An ASSOCHAM (The Associated Chambers of Commerce and Industry of India) report has said that the proposed investments made by domestic and foreign entrepreneurs in Gujarat has dipped by almost 85 per cent for the year 2012-13. In 2011-12, Gujarat with an investment of Rs 1,26,000 crore ranked high among other states, with Gujarat government claiming to be the “most preferred investment destination”.

The figures clearly show that despite Vibrant Gujarat summits, which are a biennial event, the Gujarat government has failed to attract investment on a continuous basis. In fact, memorandums of understandings signed at these summits are in 85 per cent of cases just remain on paper, and the effort of these summits is to give personal publicity to one man, the chief minister of Gujarat.
“It has now fallen to the third spot, behind Maharashtra and Chhattisgarh, with a figure of Rs 19,800 crore. It is a dip of about 85%, says the ASSOCHAM report based on data from DIPP (Department of Industrial Policy & Promotion, Union Ministry of Commerce & Industry).”, ASSOCHAM sources said.
In comparison to the 106 investment proposals Gujarat attracted during 2012-13, Maharashtra emerged as the “most preferred investment destination” across India, with 149 proposals worth over Rs 28,500 crore. Chhattisgarh ranked second, attracting 21 proposals worth over Rs 27,000 crore. As on March 2013, all the states together attracted 697 investment proposals amounting to over Rs 1.4 lakh crore. However, this number is a decline from last year’s 2,828 proposals worth about Rs 6 lakh crore.

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