Latest News | Gujarat First Among States for Investment in Manufacturing Sector: Colliers India
Get latest articles and stories on Latest News at LatestLY. Gujarat has been ranked first among all states for investment in the manufacturing sector because of the availability of cheaper land and labour to set up industries, along with incentives offered by the government, according to property consultant Colliers India.
New Delhi, Dec 13 (PTI) Gujarat has been ranked first among all states for investment in the manufacturing sector because of the availability of cheaper land and labour to set up industries, along with incentives offered by the government, according to property consultant Colliers India.
Maharashtra and Tamil Nadu are ranked second and third, the consultant said in a statement on Wednesday.
"Gujarat is poised to become India's foremost manufacturing powerhouse. Gujarat ranks first, followed by Maharashtra and then Tamil Nadu as the top regions to invest in India," Colliers India said.
The consultant said Indian manufacturing market has the potential to reach USD 1 trillion by 2025-26 with all policy incentives and various initiatives by the Centre and state governments.
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Gujarat has been ranked first because of easy labour availability and at a cheaper cost, along with the government supporting policies for the labour force.
The state has cheaper land rates for industrial developments, Colliers said.
Gujarat has great last-mile connectivity with presence of major ports, roadways, railways. The state government also provides water, electricity and renewable energy resources at a cheaper rate compared to other states.
The state government also provides financial assistance to developers setting up their business, it said.
Maharashtra has been ranked second because of the policies, subsidies, and incentives offered by the state government. The state has the highest FDI inflow, industry GDP share, lower unemployment rate, higher number of healthcare and educational facilities, which all combine to make a better general economic scenario of the state, the consultant said.
Maharashtra always offers a great deal of support infrastructure in terms of roadways, waterways and railways.
Tamil Nadu has been ranked third as the state has great availability of labour with cheaper rates and favourable labour policies. The state also has good policies, subsidies, and incentives for the industrial sector and has a fair presence of support infrastructure with many industrial companies having their footprint in the state, Colliers said.
Various states in India, including Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Telangana, and Andhra Pradesh, have strategically implemented a range of incentives to attract and support manufacturing plants within their borders, the consultant added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)