Chhattisgarh, Gujarat, UP lead the way in attracting investments amid pandemic

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The Indian economy has been hit hard by the COVID-19 pandemic, however, Gujarat, Chhattisgarh and Uttar Pradesh stood out for being able to implement investments during these uncertain times surpassing the figures proposed.

Attracting private investments helps increasing employment opportunities and revenue of the state government.

This is clear from the data pertaining to the period between January 2020 and March 2021 released by Union industry ministry.

According to the latest figures, Chattishgarh, which had proposed investments worth Rs 31,025 crore, witnessed implementation worth Rs 75,420 crore.

Gujarat bagged the second position, where IEM (Industrial Entrepreneurs Memorandum) implemented investments worth Rs 72,774 crore against a proposal of Rs 50,487 crore.

Uttar Pradesh came in at the third spot notched up IEM implementation of Rs 17,785 crore against a proposal of Rs 14,656 crore.

Other states

The performance of Odisha, Telangana, and Andhra Pradesh is also impressive in the sense that in these states the implementation was close to the proposal figures.

Odisha had proposals of Rs 40,471 crore but the IEM implemented during since January 2020 was Rs 30,136 crore.

The IEMs implemented in Telangana and Andhra Pradesh stood at Rs 10,880 crore and Rs 6,101 crore against proposed figures of Rs 11,721 crore and Rs 7,797 crore, respectively.

League of backbenchers

On the implementation-proposal parameter, West Bengal, Maharashtra, Karnataka, Madhya Pradesh, Rajasthan were the backbenchers.

India’s IT capital Karnataka received IEM proposals of Rs 1.65 lakh crore out of which only Rs 11,000 crore have been implemented.

IEM implementation for Madhya Pradesh and Rajasthan stood at Rs 7,260 crore and Rs 7,510, respectively. The proposals were Rs 34,181 crore and Rs 17,450 crore, respectively.

West Bengal got proposals of around Rs 9,666 crore, but the amount that reached the implementation stage was only Rs 894 crore.

Maharashtra that was one of the worst-hit states due to the pandemic witnessed implementation of Rs 40,000 crore against a proposal of Rs 59,000 crore.

“The figures for IEM implementation that the ministry has put out surely include some of the previous years proposals. The proposals that were made earlier actually came to materialise during this period from January 2020 and March 2021,” said Subhasish Roy, deputy secretary-general, MCC Chambers of commerce in Kolkata.