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In
modern economic terms Madhya Pradesh is a late starter.
Predominantly the state, albeit tagged as backward state,
corners a fair chunk in agriculture, forests and natural
resources. Also known as the soya bowl of the
country, Madhya Pradesh churns out tonnes of soya oil,
produces the most palatable food grains like wheat, pulses
and legumes and provides ample opportunity to thousands of
unskilled farm labours. Despite sever financial strain
during late nineties, state has showed signs of
improvement at micro as well as macro economic indicators.
The
gross state domestic product (GSDP) that stands at Rs
90736.83 crore at current prices (base year 1998-99) and
Rs 65520.15 crore on constant prices (1993-94) augur well
of the state. The state has adopted a fast pace during the
past two years – with more than Rs 100,000 crore
investment in hand, improvement upon 72000 kilometers of
roads, new ventures in areas of information technology,
special economic zone, real estate and infrastructure. Add
to it, speedy completion of 1000 MW Indira Sagar power
project and 520 MW Omkareshwar Power Project and 400 MW
Bansagar power project and other projects have paved the
way for making the state a power surplus by 2008.
With
speedy process of project implementation of Central
government development schemes, the state has many firsts
into its account – be it river linking, higher spending
on rural job creation under Employment Guarantee Scheme,
or infrastructure creation.
A
copious amount of investment is pouring in the state in
various projects like Bina Refinery, new textile units in
Mandideep and food-processing units in food parks. On
Industrial sector, small and medium enterprises have been
given proper attention. During March 2006 to June 2006 the
state bankers have increased credit flow by Rs 28 crore to
touch a figure of Rs 2085 crore from Rs 2057 crore to SSI
sector.
While
on agriculture sector, bankers in Madhya Pradesh have
surpassed the Central government target of doubling agri
credit in two years against the set deadline of three
years.
A
total of 71423 new farmers have been brought under banking
services during the first quarter of this year. The
commercial banks in the state have extended a credit of Rs
572.41 crore to 44794 farmers in the first quarter of this
year. As many as 7758 new investment projects have been
financed by 1639 rural and semi urban branches of
commercial banks up to June 2006. With agriculture sector
looking up, the export basket of Madhya Pradesh is
swelling. India’s first operational special economic
zone (SEZ) in Indore has not only attracted industries but
also has triggered a race for creation of more SEZs. As a
result more at least six SEZs have been cleared by a
Central government.
The
new export-oriented ventures in India’s first
operational Special Economic Zone (SEZ) are self-evident
that state not only has progressed but also has set an
example for public-private partnership. The state industry
is also looking up for further investment and exports in
oilseed and pulses production, opportunities for food
processing industries, textile sector, auto makers,
down-stream projects, developers at refineries,
entertainment industry, IT industry, herbal and medicinal
plant growers, pharma industry.
Madhya
Pradesh has the highest growth rate in food grains,
oilseeds and pulse production. A backbone of 20000 km of
optical fibre network ensures better connectivity and an
international gateway that offers immense potential for
Information Technology, knowledge process outsourcing,
business process outsourcing and other related activities.
The
Bhartiya Janata Party led government after taking over
reins from the Congress government in 2004 has beckoned
the state into positive territory and has made all
possible efforts to bring some ailing industrial sectors
around by leaving a larger space for common people breath.
During
the past two-and-a-half years, big corporate houses like
ITC, Reliance, Airtel, Tatas, SRF, JK Industries, etc.,
have not only evinced interest in the state but have made
considerable investment.
The
new Industrial Promotion Policy 2004, which is under
further amendments process, has paved the way for
industrialists to come forward. The policy makers have
tried to build a confidence among them about investing in
Madhya Pradesh by organizing various programmes and
interaction. For the first time apex Indian Business
Chamber Federation of Indian Chambers of Commerce and
Industry (FICCI) and state government have join hands to
market the state globally and results are encouraging. It
is expected that within five years the state will be a
major investment destination for world companies.
The
state has a slew of projects to showcase. A world-class
digital auto testing track proposed near Pithampur on an
area of 4000 acres, logistic and cargo hub for airline
Industry in Bhopal, a world class institute of life
sciences and biotechnology medical plant production and
processing centers, eco and adventure tourism projects,
fisheries and tourism project at Indira Sagar Dam (Asia’s
biggest reservoir) development of Buddhist Circuit in
Madhya Pradesh, World-class Bina Refinery project, an IT
Park at Bhopal and a Software Technology Park at Bhopal
and a Science City at Dewas will make the state among top
world class states.
Madhya
Pradesh has unlimited potential, the need is to harness
natural resources and tap the hidden potential in its rich
bio-diversity, agro climatic zones, dense forests, rich
cultural legacy. The hardworking and peace-loving citizens
of this diamond producing state are now gearing up for
change. A change for development and for the betterment of
the society.
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