LUDHIANA: Investment in Punjab declined by over 85.23% during the first financial year of the Aam Aadmi Party (AAP)-led government’s tenure in Punjab, said a study conducted by MSME Export Promotion Council and the Confederation of Organic Food Producers & Marketing Agencies (COII).
According to the study, Punjab received investment of only Rs 3,492 crore in the financial year 2022-23, which was 85.23% less than the Rs 23,655 crore investment received in the financial year 2021-22. The state has received investment of Rs 98,500 crore in the last five financial years.
Dr D S Rawat, chairman of the MSME EPC, released this study on Thursday. He said that the objective of the study on the theme, “Investment, development and growth in Progressive Punjab 2018-19 to 2022-23” was to create awareness on policies of the state, attract investment in large, micro, small and medium sectors and generate employment opportunities.
Data available through the Centre for Monitoring of Indian Economy (CMIE) as on Dec 12, 2023 said that the new investment projects announced in 2018-19 were worth Rs 43,323 crore.
In 2019-20, they amounted to Rs 12,267 crore, in 2020-21, they were worth Rs 15,761 crore, Rs 23,655 crore in 2021-22 and Rs 3,492 crore in 2022-23. Investment projects worth 1.39 lakh crore were pending while projects worth Rs 1.03 crore were under implementation in 2022-23.
Dr Rawat underlined the urgent need to set up a high-powered committee to review and clear each project with immediate effect without any further escalation in cost. The study states that another 60,000 units would come up in the state in the next three years.
Releasing the study, he said, “Punjab is known for the enterprising spirit of its people, which brought about the green revolution and also made the state a hub of small and medium enterprises. The state is now on the threshold of transition to a new culture of innovation.”
