'Odisha top destination for FDI in India'

Aug 27 2012, 20:58 IST
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With investment proposals worth Rs 49,527 cr, Orissa beat the rest of India hollow. (AP) With investment proposals worth Rs 49,527 cr, Orissa beat the rest of India hollow. (AP)
SummaryMineral rich Odisha has emerged as the most favoured destination for overseas investors.

Mineral rich Odisha has emerged as the most favoured destination for overseas investors with investment proposals worth Rs 49,527 crore followed by Andhra Pradesh and Gujarat during 2011-12, according to apex industry body ASSOCHAM.

Though barely 17 FDI proposals were filed in Odisha, the state garnered lion's share worth about Rs 49,527 crore in the total FDI proposed across India, according to a state-wise analysis of the proposed FDI and the number of FDI proposals filed in India during 2011-12 carried out by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

While Odisha's share in total foreign direct investment (FDI) was 21 per cent, AP attracted 19 per cent (Rs 33,936 crore for 70 proposals) followed by Gujarat 11 per cent (Rs 20,258 crore for 131 proposals).

A total of 763 FDI proposals worth over Rs 1.78 lakh crore were filed across various states in India during the aforesaid period, said D S Rawat, national secretary general of ASSOCHAM while releasing the findings of the analysis.

Services, telecommunications, construction, computers (software and hardware), real estate and housing, chemicals, drugs and pharmaceuticals, power, automobiles and metallurgical industries are certain sectors attracting highest FDI inflows across India, said Rawat.

Chattisgarh and Karnataka ranked fourth and fifth of the top five investment destinations from the foreign investors' point of view and got FDI proposals worth over Rs 20,000 crore and 14,000 crore respectively.

Maharashtra got the highest number of FDI proposals of 144 but the state ranked sixth with proposed FDI worth over Rs 12,000 crore.

Of the top 20 states, West Bengal ranked 14th, above Bihar, Uttarakhand, Jharkhand, Jammu and Kashmir, Assam and Kerala and managed 24 FDI proposals worth a meagre Rs 1,243 crore, the ASSOCHAM study said.

Rajasthan, Tamil Nadu, Himachal Pradesh, Uttar Pradesh, Haryana, Madhya Pradesh and Punjab stayed ahead of West Bengal and attracted FDI proposals worth between Rs 8,600 crore and Rs 1,200 crore during 2011-12 fiscal.

India is competing for foreign investments with other emerging economies and thus FDI is imperative for India as it has transformed the quality, productivity and production in areas it has been allowed and can supplement domestic efforts significantly, according to the ASSOCHAM study.

Finding bureaucratic delays and plethora of governmental approvals and clearances involving various ministries, the study suggested improvements.

The apex industry body also recommended a mechanism to facilitate a consultation between the centre and state governments before rolling out a policy to ensure that the

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