The state also approved the highest number of investment proposals — 780.
Mumbai: Amid controversy over industrial projects slipping to neighbouring Gujarat, the economic survey of 2022-23 revealed that Maharashtra approved investment proposals worth ₹3,57,393 crore, which is highest among states in the country in the past three years.
The state also approved the highest number of investment proposals — 780, according to the survey. During that period, Uddhav Thackeray-led MVA government was in power in the state. The state was able to achieve the record investment amid Covid-19 pandemic.
However, when it comes to foreign direct investment (FDI), Maharashtra comes second after Karnataka revealed the survey that was tabled in the state legislature on Monday. Deputy chief minister Devendra Fadnavis tabled it in the state assembly.
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The survey revealed that the state received the highest investment of ₹2,77,335 crore in 2021-22, which is higher than any state in the country. In 2020-21, it received investment worth over ₹44,188 crore through 296 projects and in 2022-23 till November, investments amounting to ₹35,870 crore has been received by the state. The combined tally of investment of three years makes Maharashtra the most attractive investment destination, states the survey.
The investment is more than Karnataka ( ₹2,93,149 crore, 331 projects) and Gujarat ( ₹ 2,36,866 crore, 602 projects), states the survey.
When it comes to inflow of FDI, Karnataka is in top position. For the two consecutive years, it has received more FDI than Maharashtra. In 2021-22 and 2022-23 (up to September), the FDI in the neighbouring state was recorded at ₹1,63,795 crore and ₹41,678 crore, which comes to a total of ₹2,05,473 crore against ₹1,77,389 crore in Maharashtra, it pointed out.
However, in the last 22 years between April 2000 to September 2022, Maharashtra has received a total of ₹10,88,502 crore as FDI inflow, which is higher than any other state across the country. Karnataka stands at second position with ₹5,51,044 crore as FDI inflow.
The Shinde-Fadnavis government had faced strong criticism after big ticket investment projects that were supposed to come to Maharashtra went to Gujarat. This had also brought major backlash for the state government that is being ruled by Shiv Sena led by chief minister Eknath Shinde and Bharatiya Janata Party as the latter is in power at the centre and in Gujarat.
Among the major projects that went to Gujarat are ₹1.54 lakh crore Vedanta-Foxconn, ₹5,000 crore bulk drug park, ₹424 crore medical devices park and ₹22,000 crore Tata Airbus projects. The state government also claimed that the Vedanta-Foxconn and Tata Airbus projects went out of the state as there was no action by the then MVA government.
To counter the criticism, state industries minister Uday Samant on November 1, 2022 announced to release white paper on investment projects in a month.