MADHYA PRADESH ATTRACTED OVER RS. ONE LAC CRORE IN FY 2023-24, SAYS STUDY
Madhya Pradesh has attracted new investment during 2023-24 of Rs.1,04,315 crore in all projects and completed projects worth Rs.32,043 crore during the said period, according to the just concluded study on “MP: investment, growth & development 2020-21 to 2023-24”.
The study conducted by the MSME Export Promotion Council reveals that between 2020-21 to 2023-24, new investment projects (government & private sector) were announced of Rs.2,77,525 crore and as against completed projects worth Rs.97,095 crore.
Releasing the study here today, the chairman of the MSME EPC Dr D S Rawat said, the total investment projects outstanding are of Rs.6,71,726 crore and, therefore, suggested the constitution of a high-powered committee to examine each outstanding project and remove the hurdles coming in the way of implementation. These figures are quoted on 4th March 2025 by the Centre for Monitoring of Indian Economy (CMIE).
If these outstanding projects worth nearly rupees seven lac crore are implemented, the state will be able to create at least three lac direct and two lac indirect jobs, stimulate growth and increase exports. There is also a threat of cost escalation if delayed further.
Though the state has over 16.50 lac registered MSMEs with a total investment surpassing Rs.53,000 crore and providing jobs to over 86 lakh individuals, a large number of them are struggling for survival due to a host of factors such as fast-changing technology, non-availability of affordable timely finance, severe global competition and regulatory mechanism.
Therefore, Dr Rawat has stressed the need for a robust and supportive ecosystem for MSMEs by facilitating access to affordable finance, technology, infrastructure, markets and adoption of industry-specific-cluster-approach. Development of MSMEs in the state is extremely crucial as, beyond their economic significance, are plays a role in inclusive development, support livelihoods, reduce income disparities, and enhance economic resilience, contributing to sustainable growth and jobs for skilled and unskilled people.
Their contribution has been very significant to the total exports by the state in 2023-24 of Rs.65254 crore as against the exports in FY 22-23 of Rs.65878 crore. Since Madhya Pradesh is an agrarian state and remains a cornerstone of the economy accounting for the largest share of the state’s GSDP at 47% followed by the services sector at 34% and manufacturing at 19%, organic farming is fast expanding. The state is bestowed with a lot of potential to produce all varieties of organic products due to its various agro-climatic conditions. Madhya Pradesh is next to Maharashtra in organic farming. The state tops the list with 0.76 million ha. of area under organic cultivation i.e. 27% of India’s total organic cultivation area and also covered the largest area under organic certification followed by Maharashtra, Rajasthan Gujarat, Karnataka and Odisha.
The study underlined the need for strengthening the infrastructure in the rural sector to provide support to agriculture in the context of its leading role in the production of various crops, a major source of employment and livelihood in the state.
***********************