Maharashtra has outpaced Gujarat as the number one investment destination in the country, disclosed a recent Assocham study. The performance index stated that Maharashtra attracted cumulative investment proposals worth Rs14,73,466 crore as on December 2013. Gujarat followed the league with proposals worth Rs13,98,347 crore.
According to the industry body’s report, the State’s focus on development of industrial centers in tier-II and tier-III regions is the prime facet behind the lead index. As per the report, Maharashtra has become the hub for service and electricity industries which together drew investments worth more than Rs67,000 crore in 2013. The investments flown towards Maharashtra involves 38.2 percent from service sector, 28.3 percent in electricity, 19.3 percent from construction and realty, 10.5 percent in manufacturing, 2.5 percent in irrigation and 1.2 percent to the mining sector. Whereas, the investments drawn by Gujarat remained at Rs62,000 crore during the same period.
Andhra Pradesh, Odisha and Karnataka followed the league after Maharashtra and Gujarat as the other topmost three states attracting major chunk of investments. However, the Assocham study also outlined a clear decline in the value of investment proposals in the three of the top five destinations involving Gujarat, Andhra Pradesh and Odisha.