Odisha ranks 3rd in attracting live investments: Assocham

Bhubaneswar, Oct 12: Odisha is ranked third with over seven per cent share in total live investments attracted by different public and private sources across India as of FY17, according to a study by Assocham.

The report, released by Assocham President Sandeep Jajodia here, noted that Odisha secured over 900 projects with live investments worth over Rs 13 lakh crore out of a total of 177 lakh crore.

Maharashtra tops the list, attracting investments equalling over an 11 per cent share, followed by Gujarat with 8.5 per cent share, the study showed.

The Assocham study titled 'Odisha Economic Growth and Investment Performance Analysis', also lauded the Odisha government for its proactive approach towards consequential implementation of investment intentions.

"The rate of under-implementation of live projects has drastically declined from peak level of about 62 per cent in FY13 to about 47 per cent in FY17," it said.

Besides, Odisha has also performed better compared to the all-India under-implementation rate of investment projects, which stood at over 56 per cent and over 54 per cent in FY13 and FY17, respectively, noted the Assocham Economic Research Bureau (AERB) study.

The Assocham chief said that Odisha should continue taking up implementation of projects on war footing to serve as an incentive for industry, attract domestic and global investors in larger numbers, generate jobs and lead to holistic development of the eastern state.

Detailing the sector-wise share of investments, he said the manufacturing space topped the list, accounting for 42.5 per cent of total live investments drawn by Odisha, followed by electricity (about 31 per cent), non-financial services (about 14 per cent) and mining (nine per cent).

With a 16.5 per cent year-on-year growth in terms of live investments, Odisha surpassed the all-India rate of 4.6 per cent, according to the study.

There are 413 projects worth over Rs six lakh crore that are under different stages of implementation in Odisha, it added.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.