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LATEST NEWS UPDATES | Government infrastructure spending sees steep fall in Q1 -Vikas Dhoot

Government infrastructure spending sees steep fall in Q1 -Vikas Dhoot

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published Published on Jul 10, 2021   modified Modified on Jul 11, 2021

-The Hindu

Fresh investments dip by 18% overall

The second wave of COVID-19 and a steep decline in new investment projects from government agencies dented fresh investment plans in the economy by 18% in the first quarter of 2021-22, compared to the previous quarter.

Despite the government’s stated push for capital spending to revive the economy, public infrastructure investments almost halved compared to the January-March quarter, bringing total outlays on new infrastructure plans down by nearly 39% over April to June this year.

Almost 2,200 new projects entailing fresh investments of 3,34,572.5 crore were announced during the quarter, compared to 2,716 new projects worth 4,08,237 crore in the previous three-month period that had seen both private and public sector investments rebounding strongly for the first time since the pandemic hit India.

Overall new investments from the Union and State governments fell 41.6% from nearly 1.67 lakh crore in Q4 of 2020-21 to 97,376 crore, as per Projects Today’s survey on project investments in India during Q1 of 2021-22. New public sector irrigation and manufacturing projects also fell off the cliff by 96% and 77%.

By contrast, private investments sequentially declined by a mere 1.7% in the first quarter of this year, thanks to a significant 45% uptick in manufacturing projects from 1.17 lakh crore between January and March 2021 to over 1.70 lakh crore in the quarter just concluded.

However, about 1.1 lakh crore of these private manufacturing investments are related to just four massive projects, including a 60,000 crore green energy complex announced by Reliance Industries, two PVC units in Gujarat from Adani Enterprises worth 29,200 crore and a 10,000 crore copper smelter by Vedanta.

Foreign investment projects slipped 95.4% from the previous quarter, with just 17 projects worth 3,450.5 crore in Q1 of this year, from 34 projects worth over 75,000 crore in the preceding quarter.

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The Hindu, 10 July, 2021, https://www.thehindu.com/business/Economy/government-infrastructure-spending-sees-steep-fall-in-q1/article35257319.ece?homepage=true


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