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Gujarat and Rajasthan now top Investment Destinations in India

Published on January 11, 2023
Current Context: Gujarat has outperformed all other Indian states in luring new investments from domestic and foreign firms, according to data from the Centre for Monitoring Indian Economy (CMIE).
Gujarat and Rajasthan now top Investment Destinations in India
  • Gujarat received new investments totaling Rs 3.98 trillion for the fiscal year (FY) 2022, a rise of 273 percent over the FY 2021 total of Rs 2.91 trillion.
  • Rajasthan, on the other hand, rose to become India's second-most desirable investment location in FY 2022. It's interesting to note that the state experienced the highest growth rate throughout the time period, rising by about 535 percent and luring new investments worth Rs 2.37 trillion.
  • Gujarat:
    • Regarding manufacturing capacity, investment prospects, and functioning special economic zones, Gujarat is India's top industrial state.
    • The largest petroleum refining hub in the world is located in Gujarat's Jamnagar district. Gujarat is the second-largest producer of crude oil (onshore) and the fourth-largest producer of natural gas.
    • Gujarat's Gross State Domestic Product (GSDP), which grew by 7% annually from FY 2022 to FY 2022 to reach USD260 billion, is projected to expand to USD280 billion in FY 2023.
    • Gujarat International Finance Tec-City has established India's first International Financial Services Centre (IFSC) to entice investors from the offshore financial market (GIFT City).
  • Rajasthan:
    • The strategic location of Rajasthan is one of the primary factors contributing to its appeal as a site for investment. It has borders with Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, and Gujarat, making it India's largest state by area.
    • The bordering states of this state provide access to around 40% of the Indian market, and they also serve as a crucial transit link between the northern Indian states and the ports on India's western coast. Rajasthan is, therefore, an excellent place for businesses wishing to broaden their customer base in India.
    • Rajasthan received USD1.88 billion in FDI inflows from October 2019 to September 2022, according to data from Invest India. This shows the state's potential for additional economic expansion as well as the growing interest of foreign investors in it.

Question: 

Q.1 Which two states have become India's top investment states, according to CIME?
a. Rajasthan
b. Goa
c. Gujarat
d. Both 1 and 3
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