RIL projects lift industrial investments to record high at Rs 17.9 trillion
The gloomy economic and investment climate may be the norm today, but industrial investment data paints a bright picture. Asia’s second richest man, Mukesh Ambani’s 18 big-ticket chemical projects in Gujarat accelerated industrial investments to a record high in 2019.
Reliance Industries’ one and a half dozen chemical manufacturing projects in Vadodara in December contributed to a seven-fold increase in industrial projects in the country. This is in terms of value in 2019 year-on-year, data by the department for promotion of industry and internal trade (DPIIT) showed.
Industrial projects worth Rs 17.9 trillion were shown by DPIIT in 2019 as having been implemented, up from Rs 2.5 trillion in 2018, and Rs 71,396 crore in 2017, the data showed.
This is in sharp contrast to the National Statistical Office’s (NSO) projection of a 0.6 per cent decline in the gross fixed capital formation (GFCF) in 2019-20.
