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Contrary to the State Government’s claims of rapid economic progress in Gujarat, industry body Assocham has revealed that a meagre 0.9 per cent of the total outstanding investments, including all projects under various stages of implementation in the state, got completed during 2011-12.
Of the total outstanding investments worth over Rs 62 lakh crore across Gujarat, projects worth only about Rs 55,000 crore were completed during the last fiscal year, according to the Associated Chambers of Commerce and Industry of India (Assocham).
The manufacturing sector saw the maximum share of completed projects of 2.4 per cent. Not even a single project in irrigation sector got completed which had outstanding investments worth over Rs 3.3 lakh crore.
About 0.8 per cent of projects in the services sector got completed, while the electricity sector saw the completion of only about 0.5 per cent of the projects, followed by mining (0.3 per cent) and real estate (0.1 per cent) sectors, respectively.
“About 0.7 per cent of the total investment projects were completed in the last fiscal across India,” D.S. Rawat, Secretary-General, Assocham, said while releasing the findings.
“Of the total outstanding investment projects worth over Rs 542 lakh crore across India, projects worth only about Rs four lakh crore were completed during the fiscal year.
Himachal Pradesh ranked on top with completed projects worth over Rs 8,400 crore garnering a share of about 2.4 per cent of the total outstanding investments worth over Rs 3.4 lakh crore across the state.
The completed projects had a lowest share of just about 0.1 per cent of the total outstanding investments in Bihar and Jammu and Kashmir, respectively.
The maximum number of completed projects was in the manufacturing sector which accounted for a share of 1.38 per cent of the total outstanding investments across India, Rawat said.
Services (0.7 per cent), mining (0.6 per cent), electricity (0.5 per cent), real estate (0.2 per cent) and irrigation (0.1 per cent) were other sectors which saw the completion of projects during the period.
Haryana (1.3 per cent), Assam (1.1 per cent), Uttarakhand (1.1 per cent) and Jharkhand (one per cent) were other states where the share of completed projects remained over one per cent.
Gujarat (0.9 per cent), Uttar Pradesh (0.9 per cent) and Madhya Pradesh (0.8 per cent) were the other states where the share of completed projects remained above the national average of 0.7 per cent, Assocham said.
The share of completed projects in West Bengal, Tamil Nadu, Odisha and Rajasthan remained similar to that of the national average.
Share of completed projects of the outstanding investments remained below the national average in Maharashtra, Andhra Pradesh, Punjab, Karnataka, Kerala, Chhattisgarh, Bihar and Jammu & Kashmir.
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