Ahmedabad: Gujarat has emerged as the top investment destination in the country attracting proposals worth over a staggering Rs. 16.28 lakh crore, leading industry body Assocham said on July 31. “Clocking a share of 13.52 percent in total investments of over Rs. 120.34 lakh crore across 20 states (till 2011-end), Gujarat has emerged as the most lucrative investment destination attracting highest number of proposals (MoUs), worth over Rs. 16.28 lakh crore,” Assocham general secretary D. S. Rawat told reporters. Of the total investment proposals, Gujarat attracted 39.2 percent in electricity, 24.2 percent in manufacturing, 16.2 percent in services, 14.3 percent in real estate, 5.2 percent in irrigation and 0.9 percent in mining space, said Chairperson of Assocham Gujarat Council Bhagyesh Soneji. However, an Assocham report, “Investment And Growth Patterns,” revealed the project implementation rate in Gujarat was way below the national average, and one of the most industrialized states was marginally ahead of Jharkhand.
“Gujarat is lagging behind with 41.9 percent project implementation rate, way below the national average of 53.9 percent, and it was just ahead of Jharkhand,” Rawat said. Jharkhand, Gujarat, Uttar Pradesh, Tamil Nadu and Madhya Pradesh have recorded lower project implementation rates, the report said. Services sector is lagging behind in Gujarat. Big brands in IT/ITeS don’t have much presence in the state, an Assocham functionary said. Out of 20 states, the top five — Gujarat, Maharashtra, Andhra Pra-desh, Odisha and Karnataka — account for 54 percent of total investment proposals (Rs. 120.34 lakh crore) as of December 2011, the apex industry body said.