India's project surge signals massive investment growth

In April 2023, India experienced a remarkable influx of 682 new projects, amounting to a staggering investment of Rs 2070 billion. Monitored by Projects Today, these projects encompassed a significant number of greenfield initiatives, capacity expansions, and modernisation plans. One standout project was the Versova-Virar Sea Link, a colossal undertaking by the Mumbai Metropolitan Region Development Authority, with a budget of Rs 634.26 billion. Extending over 43 km, the Sea Link will connect Versova in Mumbai to Virar Palghar district in Maharashtra, incorporating connector roads at multiple locations. Consultancy service tenders for this project have already been initiated. Government entities played a pivotal role in driving this economic surge, launching 461 projects valued at Rs 1228.92 billion. The central government announced 94 new projects, while state government units unveiled 367 projects. Notably, the private sector contributed 221 new projects, with a total investment commitment of Rs 845.32 billion, demonstrating robust growth compared to the previous year. A wide range of sectors reaped the benefits of these project announcements. Among the twenty mega-value projects announced, the Manufacturing sector claimed seven. Maruti and Skoda propelled fresh investments in the Automobiles sector with high-value projects. The Metals sector witnessed substantial investments from Rashmi Green Hydrogen Steel and Pacific Metasteel. Promising developments also took place in the Food Products and Chemicals sectors. The Manufacturing sector attracted 105 new projects, with a cumulative worth of Rs 553.45 billion, accounting for over a quarter of the total investment. The Services & Utilities (Infrastructure) sector took the lead with 549 new projects, constituting 68.79 per cent of the total announced investment. Key players in this sector included Maharashtra Industrial Development Corporation, Haryana State Industrial & Infrastructure Development Corporation, and Gramercy Trade Industries. The Real Estate sector demonstrated significant progress with 105 new projects amounting to Rs 192.07 billion, while the Electricity sector attracted fresh investments of Rs 63.32 billion. The limelight in the Non-conventional Energy sector was captured by Avaada Energy and Solar Energy Corporation of India through their respective solar power projects. Also Read Ganga Realty acquires land for luxury and affordable housing projectsCMDA to Study Housing Demand and Supply