According to an Assocham report, Maharashtra attracted cumulative investment proposals of Rs 14,73,466 crore as on December 2013, while Gujarat drew proposals worth Rs 13,98,347 crore, an analysis by the industry group showed.
The primary reason behind Maharashtra overtaking Narendra Modi's Gujarat is the state's focus on development of industrial centers in tier-II and tier-III cities, making it the preferred choice of investments, especially for the Indian and global service sector industries, it said.
Maharashtra has become the hub for the service and electricity industries which together attracted investment over Rs 67,000 crore in 2013. However, in comparison Gujarat attracted nearly Rs 62,000 crore in the same year, the study observed.
Gujarat had attracted Rs 16,28,126 crore of investment proposals as on December 2011, when Maharashtra came in second with Rs 14,13,728 crore of proposed investments.
The study said the value of investment proposals in three of the top five destinations - Gujarat, Andhra Pradesh and Odisha - registered a decline.
"While the overall composition of lead investment destination states remains largely unchanged, in the last two years there have been noteworthy changes in the individual positions of India's preferred investment destinations," Assocham President Rana Kapoor said.
"The combined share of the country's five top investment destinations has reduced from 53.6 per cent to 48.2 per cent during the two years to December 2013," Kapoor added.
The other three states that attracted the most investment proposals are Andhra Pradesh, Odisha and Karnataka and the top five states together accounted for 48.2 per cent of the total of Rs 1,30,50,467 crore as on December 2013, according to the study.
The remaining investment proposals worth a combined Rs 61,50,105 crore went to 15 other states.
Of the investment proposals, the highest amount was in electricity (36.5 per cent), services (23.6 per cent), manufacturing (23 per cent), construction & real estate (11.1 per cent), irrigation (3 per cent) and mining (2.8 per cent).
Maharashtra attracted 38.2 per cent in services, 28.3 per cent in electricity, 19.3 per cent in construction & real estate, 10.5 per cent in manufacturing, 2.5 per cent in irrigation and 1.2 per cent in the mining sector.
Gujarat attracted 39.4 per cent in electricity, 22.2 per cent in services, 20.8 per cent in manufacturing, 13.6 per cent in construction & real estate, 2.5 per cent in irrigation and 1.6 per cent in the mining sector.