Recession hit one-lakh crore investment in MP: Vijaywargiya

BHOPAL: Madhya Pradesh Industry and Commerce Minister Kailash Vijaywargiya has said that the state lost out on an industrial investment of Rs one-lakh-crore on account of global economic recession.

"An industrial investment of Rs one lakh crore could not take place in Madhya Pradesh following the economic downturn," Vijaywargiya told reporters at MP State Industrial Development Corporation (MPSIDC) office yesterday.

Vijayvargiya said that the automobile and textile industry had been hit hard in Madhya Pradesh by the economic recession.

However, some investments in medicine manufacturing units have come in the state, he added.

The minister said that the Madhya Pradesh government was focusing on development of food processing sector in the state, adding that this sector has remained unaffected due to the economic recession.

The Minister said that at present nine food processing parks are existing and 15 more such parks will come up in the state in a year's time.

"The food processing parks will boost agriculture sector business and it will generate more employment, especially for the farmers," he said.