Gujarat has edged out Maharashtra to become India's top state in terms of investment commitments during 2006-07, cornering over 25 per cent of the total spending proposed by corporates across the country.
Gujarat received investment proposals to the tune of Rs 74,988 crore in 86 projects, while Andhra Pradesh was at a distant second with investment intentions worth Rs 25,173 crore, Maharashtra Rs 24,330 crore and Tamil Nadu Rs 24,229 crore, the Reserve Banks said in an analysis of 'Corporate Investment: Growth in 2006-07 and prospects for 2007-08.'
Gujarat, which is slated to go for elections some time in November, has displaced Maharashtra from the top slot attracting one-fourth of the total investment intentions in 1,054 projects aggregating Rs 2,83,440 crore.
Corporates invested Rs 1,31,299 crore in 812 crore during the previous year 2005-06.
Total investments during 2007-08, after taking into account the capital expenditure, ECBs etc, are likely to aggregate to Rs 2,06,460 crore, RBI said, adding the turnaround in corporate investment, which began in 2002-03 and peaked in 2004-05, is expected to be sustained in 2007-08.
During 2006-07, Maharashtra, in terms of investments, was relegated to the third place after Andhra Pradesh which attracted 8.9 per cent (Rs 25,173 crore) of the total corporate investments.
Maharashtra shared the third slot with Tamil Nadu attracting 8.6 per cent of total investments.
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