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Odisha ranks 3rd top-most in attracting live investments across India: ASSOCHAM

New Delhi, Oct 14:-- The proactive approach of Odisha government towards consequential implementation of investment intentions seems to have been producing results as rate of under-implementation of live projects has drastically declined from peak level of about 62 per cent in FY13 to about 47 per cent in FY17, according to a just-concluded study conducted by apex industry body ASSOCHAM.

 

“Besides, Odisha has also performed better compared to all-India under-implementation rate of investment projects which stood at over 56 per cent and over 54 per cent in FY13 and FY17 respectively,” noted the ASSOCHAM study titled ‘Odisha – Economic growth & investment performance analysis.’

 

The study released by ASSOCHAM’s president, Sandeep Jajodia along with T.K. Chand, chairman National Council on Mines & Minerals and secretary general, D.S. Rawat at a press meet held in Bhubaneswar today also highlighted that between FY12 and FY17, investment projects in manufacturing, construction and real estate sectors had recorded considerable improvement in terms of under implementation rate which had worsened in case of sectors like mining, electricity, non-financial services and irrigation.

 

Explaining how a higher under-implementation rate implies that most of the projects or outstanding investments are under process and yet not completed, it was stated that a higher under implementation rate does not augur well as actual benefits of an investment are only derived upon completion.

 

Projects with huge investments that are under different stages of implementation have been a major concern for policymakers across India as governments both at the centre and the states have been taking various initiatives to reduce the extent of such investment projects both in terms of numbers and values.

 

The ASSOCHAM chief said that Odisha should continue taking up implementation of projects on war footing as that would further serve as an incentive for industry, attract domestic and global investors in larger numbers, generate jobs and lead to holistic development of the eastern state.

 

Odisha has 3rd highest share in total live investments:

 

The study conducted by ASSOCHAM Economic Research Bureau (AERB) noted that Odisha had attracted over 900 projects with live investments worth over Rs 13 lakh crore as of FY17.

 

“Odisha accounted for third highest share of over seven per cent in the total live investments worth over Rs 177 lakh crore attracted by variety of sectors from public and private sources across India as of FY17 with Maharashtra (over 11 per cent share) and Gujarat (8.5 per cent) being top two states in this regard,” noted ASSOCHAM study.

 

Manufacturing sector accounts for highest share of 42.5 per cent in the total live investments attracted by Odisha as of FY17 followed by electricity (about 31 per cent), non-financial services (about 14 per cent) and mining (nine per cent) that constituted major share.

 

It is also pertinent to mention that as of FY17, with 16.5 per cent year-on-year growth in terms of live investments Odisha had surpassed the all-India rate of  4.6 per cent by huge margin.

 

 

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