Odisha – Top Investment Destination in India
Amidst the decline of rupee against American dollar, Odisha emerged as the top destination for the investment in India. The state, which is rich in natural and mineral resources and has a large coastline, has attracted many investors and industrialists over the years. According to the latest data released by the Reserve Bank of India (RBI), Odisha remained the first choice for new projects after the investors’ interest in the developed states such as Maharashtra, Gujarat, Karnataka and Tamil Nadu declined during 2012-13.
The data showed that Odisha managed to get investment commitment of around Rs. 53,000 crore, a 27% share of all-India investments, the largest investment, compared to Maharashtra that is expected to have investment of around Rs 21,000 crore in 70 projects. Punjab was found in the third spot with a dozen projects of over Rs 20,600 crore. In Odisha, most of the investments are proposed in coal mining, steel and a few port projects.
Gujarat boasts of the development in infrastructure, petroleum products, metal products and textiles, but the investors’ interest has declined there. Similarly, Karnataka where over all development took place during BJP regime, lost its luster due to corruption charges levelled against some of the top politicians. However, Andra Pradesh retained the fourth slot with expected investment of Rs 11,000 crore despite the protests for creation of separate statehood Telangana for the past several months.
If the investment proposals at all-India level will be reviewed, there was less investments with number of new investment by 969 companies during the year 2012-13. While the investment was up to Rs 2.6 lakh crore in 2012-13, it was Rs 2.5 crore by 1,127 companies in the previous fiscal. The data also showed a slowdown in the infrastructure sector. However the investors are keen to start new projects in telecom, metals, cement and construction sectors in 2012-13.