Investment proposals drop to 127 in November

NEW DELHI: Initiatives announced by the government to attract investment are yet to yield results as the number of industrial entrepreneurs memoranda in November was down at 127 as against 159 in the same month last year.

Industrial entrepreneurs memoranda (IEMs) indicate the intention of a company to make fresh investment or for expansion of an existing unit.

"During November 2014, 127 IEMs have been filed with proposed investment of Rs 16,599 crore as against 159 IEMs with Rs 31,365 crore during November 2013," the data by the Department of Industrial Policy and Promotion (DIPP) showed.

Of the Rs 16,599 crore, investments proposed in Gujarat amounted to Rs 4,078 crore followed by Maharashtra (Rs 3,358 crore) and Andhra Pradesh (Rs 1,514 crore).

Government has taken a slew of measures like liberalised FDI policy, 'Make In India' campaign and stress on ease of doing business.

Sectors like Electrical Equipments, Metallurgical Industries and Rubber Goods with proposed investment of Rs 5,417 crore (33 per cent), Rs 2,614 crore (16 per cent) and Rs 1,692 crore (10 per cent), respectively are top choices of investors, as per the IEMs.

During November, 24 IEMs with Rs 9,256 crore have reported implementation while the number was 35 (Rs 4957 crore) in the corresponding month in 2013.

DIPP said that since the inception of the scheme in 1991, a total of 10,948 IEMs have come entailing investment/proposal worth Rs 5.67 lakh crore.