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Denting its popular image as the most industrialised State in the country, Maharashtra's Economic Survey for 2010-11 says that between August 1991 and August 2010, only 40 per cent of the approved projects were implemented and of the total financial commitments, only 21 per cent was actually invested.
As many as 20,484 industrial projects, including FDI projects pegged at Rs 9,20,121 crore, were approved during the period. But by the end of August 2010, an investment of Rs 1,95,407 crore and 8,322 projects materialised, the Survey said.
Between September 2009 and August 2010, a total of 796 industrial projects with an investment of Rs 1,51,209 crore were approved but only 36 projects with an investment of Rs 8,673 crore and employment of 9,458 were commissioned, the Survey said.
Mere promises
A senior Maharashtra Government official told Business Line that there is a huge difference in the numbers of approved projects and those actually implemented because of the fact that a number of industries had informed to the Centre of their intention to set up the project but they actually never went about implementing them.
Some businesses houses only completed the formality of filling up the Industrial Entrepreneurs Memorandum and beyond that there was no action, the official said.
Such numbers are reflected in the Centre's data but not in the State data. In Maharashtra and Gujarat such numbers are high because they are most industrialised States in the country, the official added.
Growth figures
The Survey said that the Gross State Domestic Product, as per the advance estimates, has grown at 10.5 per cent during the year 2010-11 as against 8.7 per cent during the previous year.
Increased agricultural production on account of good monsoon in 2010 has helped agriculture and allied sectors to grow by 12.5 per cent as against a growth of 3.1 per cent in the earlier year.
For the year (2010-11) the production of foodgrains is expected to register a growth of 22.9 per cent with production of 154.63 lakh tonnes as against 125.85 lakh tonnes during 2009-10.
In the budget 2010-11, the State Government continues tax exemption on essential items up to March 2011 because of the newly introduced Value Added Tax regime. In spite of the tax exemption, tax revenue is expected to increase by 16.8 per cent over the previous year, the Survey said.
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