NEW INVESTMENTS IN HARYANA INCREASING, SAYS STUDY

The Voice of Chandigarh News:

The new investment proposals in Haryana, after slowing down in 2020-21, have registered a significant jump in 2021-22 and the speed of completion as well as revival of the held-up projects have gone up, according to the study brought out by the MSME Export Promotion Council and the knowledge firm BillMart FinTech.

The new investment projects announced in 2021-22 were of Rs.350686.7 million, completed Rs.825535.7 million, and projects revived Rs.1577254.9 million. The new investments in the State have helped in generating over 50,000 direct and indirect jobs. The total outstanding projects were Rs.9082838.9 million and under implementation Rs.7711566.1 million. The study was jointly released by MSME EPC chairman D S Rawat and founder & CEO of BillMart Fintech Jigish Sonagara.

While in the year 2020-21, the new investment projects announced had gone down significantly to Rs.82239.4 million, the completed projects were of Rs.56977.3 million, and revived Rs.55600.0 million. Rawat said, Haryana model of growth has been highly successful and a number of MSMEs have graduated to large and even become Indian multinational companies (MNCs) over a period of time.

During the year 2019-20, the new investment projects announced were of Rs.2574160.6 million, completed projects were of Rs.205119.4 million, projects revived were of Rs.103431.6 million. However, there were outstanding projects worth Rs.8677629.7 million and under implementation of Rs.3831053.7 million.

The gross state value added (GSVA) has gone up in 2021-22 to Rs.7871956.8 million, from Rs.6712556.8 million in 2020-21. Also the gross state domestic product touched to Rs.8956712.5 million in 2021-22 from Rs.7585065.3 million in 2020-21.

The government investment projects were worth Rs.126871.4 million, completed investment projects Rs.48341.9 million, revived investment projects Rs.7254.9 million.

The total investment projects outstanding as on October 30th were Rs.2203239.4 million and under implementation were Rs.1613679.4 million.

Regarding the foreign direct investment inflows in the state was Rs.209794.4 million in 2021-22 as against Rs.125594.1 million in 2020-21.

Jigish Sonagara said, due to COVID a large number of micro and small units have been either closed or struggling for survival. There is urgent need for making available timely, affordable alternative sources of financing and up-skilling their entrepreneurial skills. BillMart jointly with MSME EPC aim to handhold the MSMEs & provide seamless experience in raising short-term working capital, unlocking trade receivables, freeing cash flow through digital ecosystem.

He said, the objective is to empower the businesses to decide the most suitable and customized financial solutions for their businesses, as the lenders will compete amongst themselves to finance the MSMEs to partner with their growth stories and slowing the biggest problem of unpaid bills/ trade receivables by deployment of advanced technology, smart contract, blockchain, deep data analysis and fostering growth of all stakeholders.