GIS: Scrutiny brings down investment by Rs 1 lakh crore

  • Shruti Tomar, Hindustan Times, Bhopal
  • Updated: Mar 16, 2015 16:37 IST

In just four months, investment proposals received at the much-hyped Global Investors Summit (GIS) in Indore have come down by Rs 1 lakh crore.

Addressing participants on valedictory ceremony on October 10, chief minister Shivraj Singh Chouhan had expressed his happiness and announced that investment proposals of Rs 6.89 lakh crore were received in the GIS.

But when governor Ramnaresh Yadav addressed the Legislative Assembly during budget session on February 18, he said the state government had received investment of Rs 5.89 lakh crore in the GIS.

Industrialist Gautam Kothari said, “The difference (of Rs 1 lakh crore) comes after scrutiny of investments. After GIS, when industry department scrutinised the total investment proposed, it found proposed investment of Rs 1 lakh crore was not the genuine one. The investors had shown concern just to get the pass, nothing else. In this issue, I can’t blame the government because it’s hard for them to complete scruitny during GIS.”

During the GIS, government had received 3,165 investment proposals worth Rs 4.36 lakh crore from investors who registered on the official website. The investments of Rs 2.53 lakh crore were announced during the summit. Out of Rs 2.53 lakh crore, Rs 1 lakh crore has been announced by Union minister chemical and fertilizer Ananth Kumar in the GIS.

Kumar announced that the Union government will develop Petrochemical Petro Investment Region costing Rs 1 lakh crore in Bina refinery area.

Requesting anonymity, an industrialist said, “To flaunt the figure, the state government allowed all industrialists without knowing their details. Later, they found that some have showed concern just to get entry in the summit.”

However, industry department officials have another story. According to industry department official, they have separated the investments made by private investors and central government which resulted in the difference in figure. But officers looked tightlipped on the issue.

When HT tried to contact industry department principal secretary Mohd Suleman and Trade and Investment Facilitation Corporation (TRIFAC) director DP Ahuja, they didn’t respond.

Suleman cut the phone, while despite repeated attempts, Ahuja couldn’t be contacted.

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