Reality bites investment target

State government’s tall claims of steady industrial investment despite communal riots rang hollow when it announced a decrease in scale of industrial projects getting fast track clearance from earlier Rs. 100 crores to Rs. 50 crores.

The decision, apparently to attract industrial investment, was taken in the first meeting of the recently constituted Gujarat Industrial Promotion Board.

Members, including industry’s minister Suresh Mehta, expressed a firm resolve to implement the "single window" concept to grant all the necessary sanctions for industrial projects requiring a minimum investment of Rs. 50 crores.

Earlier, only those projects with a minimum investment of Rs. 100 crores were considered for sanction by the state government, according to an official release.

The meeting also took a note of CMIE report for the month of June 2002. The state government further claimed that three month long communal riots have not had an adverse impact on the industrial progress, as the report states that Gujarat shares 16.36 per cent of capital investment with Rs. 1,88,933 crores invested in 6,745 projects. Till June this year, 3,197 projects worth Rs. 83.90 crores are being implemented and 1,941 worth Rs. 86,331 crores are in various stages of implementation, members observed.

Caretaker Chief Minister Narendra Modi called for a conducive atmosphere that will facilitate the sustenance of industries in prevailing era of global competitiveness, enhance the employment opportunities and help revive the sick industrial units in the state.

Republished from The Asian Age