New Delhi, 31st January 2024 (GNI): Maharashtra has attracted new investment projects worth Rs.392557 crore during 2022-23 as against the investment projects worth Rs.228849 crore in 2021-22, according to the study conducted by the MSME Export Promotion Council jointly with the Confederation of Organic Food Producers & Marketing Agencies.
Releasing the study, chairman of the MSME EPC Dr D S Rawat, former secretary general of ASSOCHAM said, as per the CMIE data, ‘the investment projects outstanding were of Rs.2888728 crore and under implementation of Rs.1737631 crore in 2022-23.’ Therefore, the government should form a high powered committee to expedite the implementation of the projects to avoid the cost escalation.
The study noted that in 2022-23, the projects completed were of R.140058 cr, projects revived of Rs.27167 cr as against the projects completed of Rs.65026 cr and revived of Rs.6863 cr during 2021-22.
During 2018-19 to 2022-23, the total new investment projects received by Maharashtra were of Rs.1119975 cr and completed of worth Rs.3340162 cr. The private sector announced the new investment projects in 2022-23 were worth Rs.287433 cr as against Rs.174380 cr in 2021-22 and completed the projects of Rs.65460 cr and Rs.47856 cr respectively.
It was noted that Maharashtra has been one of the leading states in IT & ITeS sector accounting for more than 20 per cent of the country’s software exports. Mumbai being India’s ‘financial capital’ and ‘entertainment capital’, is likely to be emerging as ‘tech capital’ over a period of time. The state need to focus on propelling the growth of the technology sector to present competitive opportunities for multinational companies and foreign investors including industry 4.0, financial global capability and animation, gaming and comics.
The study noted that there has been a growth in the total credit disbursed by the banks amounting to Rs.3332738 cr in 2022-23 as against Rs.2717399 cr in 2021-22.
In 2022-23, the credit disbursed were agriculture Rs.121765 cr, industry Rs.938588 cr, transport operators Rs.68578 cr, professional & other services Rs.222428 cr, personal loans Rs.755848 cr, trade Rs.272315 cr, finance Rs.804635 cr and miscellaneous Rs.148579 cr.
The state has 20.43 lakh MSMEs registered under Udyam registration portal providing employment to 108.67 lakh people, significant number of special export promotion zones. In addition, Maharashtra has large base of skilled and industrial labour, making it ideal destination for knowledge based and manufacturing sectors.
The state is second most industrialized state contributing 20 per cent of national industrial output; almost 46 per cent of the GSDP is contributed by industry. The economy of the state with a gross state domestic product of Rs.35.27 trillion (US$440 billion) and GSDP per capita of Rs.242247 (US$3000) is the single largest contributor to India’s economy with a share of 14 per cent in all-India nominal GDP. The outstanding projects if facilitated time-bound, Mr Rawat said, will push the state’s economy further generating employment opportunities, said in a press release.ends GNI
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