In 2023-24, Gujarat surpassed Uttar Pradesh in attracting bank funds for projects. Gujarat secured funding for 154 projects, accounting for 14.7% of the total Rs.3.9 lakh crores financed, up from 14% in the previous year. Uttar Pradesh, which received funds for 69 projects, saw its share drop to 7.6% from 16.2%.
Gujarat replaced Uttar Pradesh in attracting bank funds for projects in the State in 2023-24. Significantly, the infrastructure sector attracted a major share of envisaged capital investments reflecting the Government’s push towards this sector. While Gujarat got funds for 154 projects accounting for 14.7% (up from 14% in 2022-23) of Rs.3.9 lakh crores financed by banks and financial institutions, Uttar Pradesh got funds for 69 projects accounting for 7.6% (down from 16.2% in 2022-23). Uttar Pradesh however, continued to figure in the list of top five States to attract project funding from banks and financial institutions.
Maharashtra, Andhra Pradesh and Gujarat were the others in the list of top five States to get bank funds for projects in their respective States. These five Sates together accounted for about 55% of the total cost of projects sanctioned during 2023-24. Odisha slipped to the sixth spot in 2023-24, accounting for just about 7.6% share in total project financed by banks and financial institutions from the third spot in 2022-23, during which it accounted for 11.8% share. The total cost of projects sanctioned by banks/FIs increased to a record high of Rs.3,90,978 crores. Infrastructure sector continued to attract the major share of envisaged capital investment, led by ‘Roads & Bridges’ and ‘Power’ sectors, reflecting the Government push towards infrastructure development. The significant rise in envisaged capital investment of private corporates, based on the projects sanctioned by banks/FIs during 2023-24, points to upbeat investment cycle.
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