Last Updated: August 07, 2015
Latest update: August, 2015
Last Updated: August, 2015
MADHYA PRADESH State Report | August, 2015
Madhya Pradesh is located in Central India. The state is bound on the north by Uttar Pradesh, the east by Chhattisgarh, the south by Maharashtra and the west by Gujarat and Rajasthan. It is among the fastest growing states in the country. At current prices, the gross state domestic product (GSDP) of Madhya Pradesh for 2014-15 was US$ 84.27 billion. Between 2004-05 and 2014-15, the CAGR for GSDP was 12.83 per cent.
Madhya Pradesh is rich in natural resources - fuels, minerals, agriculture and biodiversity. The state represents 8.3 per cent of the country's coal reserves and has 218.04 billion cubic metres (BCM) of estimated coal-bed methane reserves. The state also has the largest reserves of diamond and copper in India, apart from significant reserves of limestone, manganese and dolomite.
Due to its centralised location, Madhya Pradesh has excellent connectivity to several parts of India. Many FMCG companies have moved their warehouses here to save on logistics expenses.
There are 11 agro-climatic conditions and a variety of soils available in the state to support cultivation of a wide range of crops. With around 33 per cent of the region under forests, Madhya Pradesh has an enormous potential for drug, wood and agrobased commercial enterprises. Ideal soil and climatic conditions have made it a primary producer of coarse cereals, oilseeds and soybean in India.
Madhya Pradesh offers distinctive monetary and strategy/policy incentives for organisations under the Industrial Promotion Policy-2010 & Action Plan, other than strategies/ policies for IT, biotechnology, tourism and SEZs. To pull in investors and promote entrepreneurs, the state government has selected TRIFAC, an agency that encourages a single window system, for speedy approvals of different clearances and consents.
The state government has made some well-planned infrastructure investments for roads and railroad systems. Government offers various subsidies under ‘Industrial Investment Promotion Assistance (IIPA) under 2014 Schemes’ for investment in development of road, electrification, water, industrial parks, etc