More than 10% of total investments announced by both government and private sectors in India as on March 2009 have gone to Orissa. The state has attracted Rs 9,28,834 crore of the total of Rs 88,71,867 crore announced in the country.
This has been revealed in a report by the Associated Chamber of Commerce and Industries of India (ASSOCHAM), one of the apex industry bodies in the country.
Releasing the report-- ASSOCHAM Strategy "Creating and Sustaining Growth Momentum in Orissa -- ASSOCHAM president Swati Piramal said here on Thursday there were 486 live investment projects worth Rs 9.4 lakh crore in Orissa at the end of September, 2009. Over 32.6% of these proposals worth about Rs 3,06,575 crore are under implementation, she said, adding, more than 65% of investment proposals for the government of Orissa, declared in recent times, are at announcement stages due to the global economic downturn during 2008 and 2009, she said. According to the report, she added, the investments under implementation are higher in Orissa compared to other states.
The paper says the respective shares of power, manufacturing, mining and services sector in total live investment are respectively 42.8%, 34.7%, 56.6% and 6.3%.
It is indicative of the fact that power, manufacturing and mining activities would become more prominent in Orissa in the near future.
The paper, however, clarifies that lower implementation rate of projects, of late, has become a phenomenon across states in India.
It may be noted that owing to the prevalence of global recessionary trends and slowdown of the Indian economy, investments across states have been kept on hold during 2008 and 2009. In the case of Orissa, besides the slowdown of the economy, land acquisition has become a major hurdle of implementation of investment projects.
Finding out that poor infrastructure is a bottleneck in industrialisation, ASSOCHAM has recommended that a separate department be set up for obtaining support of the central government for infrastructure development.
A Rs 10,000 crore infrastructure development fund needs to be set up jointly by the state and central governments.
This has been revealed in a report by the Associated Chamber of Commerce and Industries of India (ASSOCHAM), one of the apex industry bodies in the country.
Releasing the report-- ASSOCHAM Strategy "Creating and Sustaining Growth Momentum in Orissa -- ASSOCHAM president Swati Piramal said here on Thursday there were 486 live investment projects worth Rs 9.4 lakh crore in Orissa at the end of September, 2009. Over 32.6% of these proposals worth about Rs 3,06,575 crore are under implementation, she said, adding, more than 65% of investment proposals for the government of Orissa, declared in recent times, are at announcement stages due to the global economic downturn during 2008 and 2009, she said. According to the report, she added, the investments under implementation are higher in Orissa compared to other states.
The paper says the respective shares of power, manufacturing, mining and services sector in total live investment are respectively 42.8%, 34.7%, 56.6% and 6.3%.
It is indicative of the fact that power, manufacturing and mining activities would become more prominent in Orissa in the near future.
The paper, however, clarifies that lower implementation rate of projects, of late, has become a phenomenon across states in India.
It may be noted that owing to the prevalence of global recessionary trends and slowdown of the Indian economy, investments across states have been kept on hold during 2008 and 2009. In the case of Orissa, besides the slowdown of the economy, land acquisition has become a major hurdle of implementation of investment projects.
Finding out that poor infrastructure is a bottleneck in industrialisation, ASSOCHAM has recommended that a separate department be set up for obtaining support of the central government for infrastructure development.
A Rs 10,000 crore infrastructure development fund needs to be set up jointly by the state and central governments.
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