Odisha tops in 2023 investment proposals

New Delhi: Last year witnessed a 20.4 per cent rise in the quantum of industrial investment proposals. As many as 1,267 industrial entrepreneur memorandums (IEMs) were filed in 2023 with a total investment of Rs510,852 crore, official sources told Bizz Buzz. In 2022, for 1,185 such proposals, called Part-A IEMs, worth Rs424,101 crore were filed.

As for Part-A, IEM filings indicating investment intentions, Odisha got the lion’s share, bagging Rs210,837 crore, or more than two-fifths of the total. Gujarat got Rs62,535 crore, Maharashtra Rs59,551 crore, and Madhya Pradesh Rs22,163 crore.

The two Telugu States, Telangana and Andhra Pradesh, got Rs13,242 crore and Rs12,238 crore, respectively, in terms of industrial investment proposals.

During December 2023, 92 IEMs were filed with proposed investment of Rs12,274 crore. Gujarat, Odisha, and Maharashtra are the leading States in terms of proposed investment of Rs5,081 crore, Rs1,285 crore, and Rs1,145 crore, respectively. Investment intentions reflected preference for chemicals (other than fertilizers), metallurgical industries, and electrical equipment with proposed investments of Rs3,032 crore, Rs1,853 crore, and Rs1,848 crore, respectively.

IEMs in the last calendar year are expected to generate 530,297 jobs, 44.4 per cent more than 367,174 in 2022.

In terms of actual implementation, there was a 12.3 per cent rise in 2023. While 916 industrial projects got executed in 2022 with a total investment of Rs250,064 crore, in 2023 there were 999 such projects with a total investment of Rs280,964 crore. However, execution of industrial projects last year was lower than that in 2021, which was Rs347,978 crore. In 2023, the chemicals (other than fertilizers) sector was the biggest beneficiary of the execution of industrial projects, getting Rs70,206 crore, followed by food processing (Rs30,271 cr) and electrical equipment (Rs28,071 cr).