Projects Investment Survey 90
India witnessed a significant surge in projects investment across major sectors in the fiscal year ended on 31 March 2023 (FY2023). As per the latest Survey of Projects Investment in India, fresh investment increased by a whopping 91.97 percent in FY2023 on a Y-o-Y basis.
Fresh investment swelled from Rs 19,27,214.28 crore in FY2022 to Rs 36,99,673.33 crore in FY2023. During the same period, the total number of projects increased from 10,445 in FY2022 to 10,509 in FY2023.
Projex by State
During FY2023 a number of major states held Global Investors’ meet to attract fresh investment intentions. Scores of Memorandum of Understandings (MoUs) were signed during these melas. One of the states which benefitted the most from the investors’ mela was Andhra Pradesh.
Andhra Pradesh, which was missing from the list of Top 10 states in terms of fresh investment in FY2022, not only managed to enter the league but also topped the table by attracting 306 projects worth Rs 7,65,030 crore in FY2023. Of these, 57 were mega projects with a total investment of Rs 7,28,667.82 crore. This included seven Green Hydrogen projects and 18 Hydel-based power projects.
Gujarat, the topper in FY2022, had to settle for the second spot with 1,008 new projects worth Rs 4,44,420 crore. The state bagged three of the mega Superconductors fabrication projects announced in the country.
Karnataka, another southern state, pipped Maharashtra, last year’s runner-up, to occupy the third position. The state got 992 new projects worth Rs 4,32,703.72 crore in FY2023. Apart from the seven Green Hydrogen & Ammonia projects worth Rs 2,09,713 crore, the state also managed to get a Rs 22,900 crore Semiconductor Fabrication unit and the much-discussed Rs 8,000 crore electronics project of Foxconn Technology.
Maharashtra remained the top state in terms of total number of new projects. During FY2023, the state attracted 1,639 new projects worth Rs 3,71,194.80 crore.
Other states, which made it to the top ten list, were Odisha, Uttar Pradesh, Rajasthan, Tamil Nadu, Telangana, Madhya Pradesh, and West Bengal.
While the top 10 states cornered 90 percent of the total fresh investment announced in the country during FY2023, the top three together accounted for 44.3 percent of the total fresh investment.
Further, Andhra Pradesh, Karnataka, Gujarat, Maharashtra, and Odisha were the most favourite investment destinations of the Private sector in that order.