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Uttar Pradesh (UP) and Gujarat are among the top 5 states in India in terms of new investments in 2022-23. According to a study by the Reserve Bank of India (RBI), these two states together accounted for 57.2% of the total investment proposals made during the year. In 2022-23, UP attracted the highest share of new investments, with a total project cost of Rs. 43,180 crore. This was followed by Gujarat (Rs. 37,317 crore), Odisha (Rs. 11,810 crore), Maharashtra (Rs. 7,900 crore) and Karnataka (Rs. 7,300 crore).
The other states in the top 10 were Tamil Nadu (Rs. 6,100 crore), Telangana (Rs. 5,300 crore), Andhra Pradesh (Rs. 4,900 crore) and Madhya Pradesh (Rs. 4,500 crore).
The RBI study attributed the surge in new investments in these states to a number of factors, including their focus on improving the ease of doing business, their large and growing markets, and their strategic location.
UP, for example, has been making significant efforts to improve its investment climate in recent years. The state has launched a number of initiatives to attract new businesses, including the UP Investors’ Facilitation Portal, the UP Industrial Development Policy 2020, and the UP Startup Policy 2021.
Gujarat is another state that has been successful in attracting new investments. The state has a well-developed infrastructure and a skilled workforce, which makes it an attractive destination for businesses. Gujarat is also home to a number of Special Economic Zones (SEZs), which offer a number of incentives to investors.
The surge in new investments in these states is a positive development for the Indian economy. It is expected to create new jobs and boost economic growth.
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