According to the latest reports released by The Associated Chambers of Commerce and Industry, the state of Andhra Pradesh had a below par performance in project completion compared to other states in the country.
The latest estimates reveal that less than 1% of the projects in the state were completed last year. While the national average is 0.7 percent, AP was in the list of the states that scored below national average. The other states which are in the list are Maharashtra, Punjab, Karnataka, Kerala, Chhattisgarh, Bihar and Jammu and Kashmir. The report says, out of RS 46 lakh crore investments across AP, only 26,000 crore worth projects were completed in the fiscal year 2011-12.
Of different sectors, manufacturing saw a maximum share of completed projects which accounted for about 1% in the total outstanding investments. Of the total 9 lakh crore worth projects in manufacturing sector, Rs 9,300 got completed during the fiscal years, said the sources. Surprisingly, not even a single project was completed in the mining sector which had a stunning investments worth Rs 1.5 lakh crore. Coming to service and real estate sectors, about 0.5% of the projects were completed while the electricity and the irrigation sector finished 0.6% and 0.1% projects respectively.