Fresh Proposals In 2018-19 Dip To 14-Year Low, CMIE Data Shows
Fresh investment proposals as measured by the Centre For Monitoring India Economy continued to dip in the January-March period.
New projects worth Rs 1.99 lakh crore were announced in the last three months of 2019-20, CMIE data released on Monday showed. This is the lowest seen in the last financial year.
According to an article on the CMIE website, the Rs 9.5 lakh crore in fresh proposals announced last financial year are the lowest in fourteen years.
“The estimate of Rs 9.5 lakh crore will be revised upwards in the coming weeks. But, this is unlikely to change the fact that 2018-19 would be the year of very poor investment interest in India,” Mahesh Vyas, managing director and chief executive officer of CMIE, wrote. “2018-19 would be the fourth consecutive year of decline in new investment proposals. The decline began in 2015-16.”
While CMIE data suggests that fresh projects remains weak, GDP data has shown some pick-up in investments.
In a recent paper, the RBI had noted that after a period of sluggishness, private corporate investments in India have shown a revival, albeit a modest one.
“The investment pick-up is expected to strengthen over the medium term, said an analysis by the Reserve Bank of India included in the central bank's monthly bulletin. “...the trend is expected to gather pace in the medium term, buoyed by the pipeline projects lined up by private corporates and efforts to strengthen balance sheets of both corporates and banks,” the RBI has said.
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