Domestic investors flock Gujarat, foreigners hesitate

Gujarat ranked first in terms of attracting investments from the Indian private sector, surging ahead of the most developing states like Karnataka, Tamil Nadu, Andhra Pradesh, Maharashtra and Orissa in the financial year 2003-04.

Gujarat has attracted domestic investments worth Rs 63,527 crore compared with the all India investment of Rs 5,05,457 crore by the Indian private sector in the last financial year.

However, foreign investors did not show much confidence in investing in Gujarat in the last five years.

Foreign investment in Gujarat's private sector projects was Rs 10,799 crore compared with the all India figure of Rs 1,22,589 crore in the last financial year inspite of the state government's much-hyped 'Vibrant Gujarat Global Investors Meet-2003.

In fiscal 2003-04, Gujarat attracted investments worth Rs 63,527 crore. Gujarat is followed by Karnataka (Rs 58,281 crore), Tamil Nadu (42,651 crore), Andhra Pradesh (Rs 39,875 crore), Orissa (Rs 37,335 crore) and Maharashtra (Rs 34,145 crore).

"Gujarat has been the most preferred destination for investing for the Indian private sector and has been leading in the investment chart for the last five years," said an official of the state government.

"While Gujarat leads in investments from the Indian private sector, foreign investors seem not convinced. Gujarat ranks last in attracting foreign investments among the six most developing states in the country," said a senior government official.

In fiscal 2003-04, Tamil Nadu has attracted the highest foreign investment of Rs 27,770 crore in the private sector, followed by Orissa (Rs 18,402), Maharashtra (Rs 16,659 crore), Andhra Pradesh (Rs 15,517 crore), Karnataka (Rs 13,040 crore) and Gujarat (Rs 10,779 crore) despite the state government organising various investors' meets.

In the financial year 2002-03, Tamil Nadu topped in attracting foreign investment.

The state attracted foreign investment worth Rs 27,990 crore, followed by Maharashtra (Rs 19,268 crore), Orissa (Rs 18,192 crore), Andhra Pradesh (Rs 15,304 crore), Karnataka (Rs 14,349 crore) and Gujarat (Rs 8,776 crore).

Orissa topped in attracting foreign investments in the financial year 2001-02.

Orissa attracted foreign investment worth Rs 42,196 crore followed by Karnataka (Rs 24,671 crore), Maharashtra (Rs 23,546 crore), Andhra Pradesh (Rs 22,900 crore), Tamil Nadu (Rs 19,769 crore and Gujarat (Rs 11,760 crore).

Andhra Pradesh topped the list of foreign investment in financial year 2000-01 by attracting Rs 56,966 crore, followed by Orissa (Rs 46,993 crore), Maharashtra (Rs 30,332 crore), Karnataka (Rs 28,044 crore), Tamil Nadu (Rs 21,659 crore) and Gujarat (Rs 11,863 crore).