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Tamil Nadu pips Narendra Modi's Gujarat to top spot in CMIE's CapEx ranking

May 12 2014, 11:51 IST
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As project completions lag, Tamil Nadu, six others buck trend. As project completions lag, Tamil Nadu, six others buck trend.
SummaryTamil Nadu records completion of investments worth Rs 26,430 cr in FY14, displacing Gujarat from top slot.

In FY14, a year when the investment projects attaining completion across the country clocked a sharp dip of 37 per cent at Rs 2.32 lakh crore, seven states led by Tamil Nadu bucked the broader trend of a dip in overall investment completions.

Tamil Nadu recorded the completion of investments worth Rs 26,430 crore during the year, displacing Gujarat from the top slot, according to CMIE’s CapEx rankings.

The only time Tamil Nadu had managed to secure the top position with respect to completion of investment projects was way back in FY03, with the ranking having been consistently dominated by Gujarat and Maharashtra since then.

Completion of projects is the most meaningful indicator of investment sentiment, when the invested funds transform into productive assets on the ground, generate employment and lead to the commencement of the production of new goods or services.

In FY14, Maharashtra retained its second position for the third consecutive year in the CMIE’s latest CapEx database, with completion of investments worth Rs 24,240 crore. Karnataka came in third, surpassing Gujarat, with completion of Rs 21,500 crore worth of investments.

After leading the charts for three consecutive years, Gujarat was down to the fifth position in FY14, with projects totaling Rs 20,460 crore achieving investment completion.

During the year, in Tamil Nadu, the power sector had the highest share in the total investments completed, followed by the services sector. Traditionally, Tamil Nadu has had the manufacturing sector, including automotive, dominate the investment completion lists.

Investments in Gujarat and Karnataka were mainly driven by the manufacturing sector, while those in Maharashtra primarily were largely pertaining to the services sector.

Tamil Nadu was also the leading state in terms of investments completed in the power sector. In the past decade, the share of power sector in investments across the state never exceeded 16 per cent.

It was only in FY13, that the power sector saw a spurt to record a share of nearly 34 per cent in total investments completed in the state. This share further rose to 42.5 per cent in FY14.

Tamil Nadu saw completion of 11 power projects worth Rs 11,230 crore in FY14. Over the past six years, there has been a consistent rise in investments in the power sector of Tamil Nadu, in line with a capacity addition of about 7,500 MW in the state since FY09. Of this, almost 3,500 MW was added in the last two years alone.

During FY14, Tamil Nadu added a capacity of nearly 1,631 MW, of which

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