October 23 , 2013
Latest update: August, 2013
Last Updated: August, 2013
MADHYA PRADESH State Report | August, 2013
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 India; gross state domestic product (GSDP) grew at a compound annual growth rate (CAGR) of 15.7 per cent during 2004-05 to 2012-13.
With about one-third of the land area under forests, Madhya Pradesh has a huge potential for medicine, wood and agro-based industries. Favourable soil and climatic conditions have made it a leading producer of coarse cereals, oilseeds and soybean in India. The cluster-based development approach fosters investments in automotive, textiles and biotechnology. Ample limestone and coal reserves provide growth avenues for the cement industry. A rich cultural heritage, scenic beauty and wildlife sanctuaries offer a promising tourism industry.
It offers various fiscal and policy incentives for businesses under the Industrial Promotion Policy-2010 & Action Plan, besides policies for IT, biotechnology, tourism and SEZs. To attract investors and promote entrepreneurs, the state government has appointed TRIFAC, an agency to facilitate a single-window mechanism, for speedy approvals of various clearances and permissions. The state government has also made some well-planned infrastructure investments in terms of roads, railway networks, buses and airports. It aims to be power surplus by 2014 and also plans to reduce power tariffs by 5 per cent.