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Industrial investments rise 30 pc in 2003

Our Bureau

New Delhi , Feb 13

OVERALL industrial investments in the country during calendar 2003 have been the highest since 1997.

According to estimates made available by the Ministry of Commerce and Industry on Friday, total funds sanctioned by the all-India financial institutions, total amounts disbursed by these institutions, total number of industrial entrepreneurs memoranda (IEM) and letters of intent (LoI), as well as investments from the private sector have been highest during the year.

During the year, a total of 3,991 IEM/LoI were filed/issued as against 3,261 in 2002 with a proposed investment of Rs 1,20,000 crore as against Rs 91,940 crore in 2002, marking a 30 per cent increase.

Sanctions by the all-India financial institutions during April-October 2003 stood at Rs 27,500 crore, representing an increase of 185 per cent over the previous year. Similarly, disbursements during this period were Rs 15,700 crore, an increase of 72 per cent over the previous year.

The non-food credit by scheduled commercial banks has increased by 8.1 per cent by mid-December as compared to an increase of 2.7 per cent till mid-September. Private placements by Indian companies during April-September 2003 were Rs 32,000 crore as against Rs 25,643 crore during the corresponding period of the previous fiscal.

Similarly, the figures for import of raw materials and intermediates and that of capital goods during 2003 were also substantially higher. In value terms, the import of raw materials and intermediates increased by 24 per cent during April-August 2003, as compared to a mere one per cent increase during the corresponding period of the previous year. The import of capital goods during April-August 2003 also recorded an increase of nearly 30 per cent as against 21 per cent recorded in the corresponding period last year.

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