India saw the launch of 682 new projects in April 2023, representing an enormous investment of Rs 2.07 lakh crore. The project mix, monitored by Projects Today, included a substantial number of greenfield initiatives, capacity expansion, and modernisation plans.
The most significant of these was the Rs 63,426 crore Versova-Virar Sea Link project by the Mumbai Metropolitan Region Devp. Authority. Spanning 43km, the Sea Link will connect Versova in Mumbai to Virar Palghar district of Maharashtra, featuring connector roads at multiple locations. Tenders for consultancy services related to the project have been initiated.
Government entities propelled this economic surge, launching 461 projects valued at Rs 1,22,892.63 crore. Central and state government units respectively announced 94 and 367 new projects. Notably, the private sector declared 221 new projects, committing a total investment of Rs 84,532.09 crore and maintaining good growth vis-à-vis the previous year.
An array of sectors benefited from these announcements. Twenty mega-value projects were announced, with the Manufacturing sector receiving seven of these. Maruti and Skoda jacked up the fresh investment proposed in the Automobiles sector with high-value projects. The Metals sector saw substantial investments from Rashmi Green Hydrogen Steel and Pacific Metasteel. The Food Products and Chemicals sectors also witnessed promising developments.
The Manufacturing sector attracted 105 new projects worth Rs 55,345.97 crore, accounting for over a quarter of the total investment. Services & Utilities (Infrastructure) led the way with 549 new projects, constituting 68.79 percent of the total announced investment. Key players in this sector included Maharashtra Industrial Devp. Corpn., Haryana State Industrial & Infrastructure Devp. Corpn., and Gramercy Trade Industries.
The Real Estate sector, with 105 new projects worth Rs 19,207.36 crore, and the Electricity sector, attracting Rs 6,332.8 crore of fresh investments, also made significant strides. The Non-conventional Energy sector’s spotlight was stolen by Avaada Energy and Solar Energy Corporation of India with their respective solar power projects.
The substantial surge in project announcements signals increased capex expenditure in the near future in India.