New Delhi: There has been a decline in new investment projects announced in the manufacturing sector in the quarter ending June 2023. Data from the Center for Monitoring Indian Economy, which tracks projects, showed that the value of new projects in June was lower compared to the March quarter as well as a year-ago period.
In the manufacturing sector in June, about Rs. New projects worth Rs 85,000 crore were announced. In March about Rs. Projects worth 1.6 lakh crore were announced. Therefore, 48 per cent fewer new projects were announced in June as compared to March.
Similarly in June 2022 Rs. Projects worth Rs 2.5 lakh crore were announced and 66 per cent less projects were announced this June as compared to last year. The lowest number of manufacturing projects were announced in June since the December 2020 quarter.
However, June saw a lesser decline in Covid than earlier. In fact, in June 2019 Rs. And 0.4 lakh crore in June 2018. Projects worth 0.9 lakh crore were announced.
There has been a significant increase in the announcement of new projects after 2020. In this sequence, new projects worth Rs 3.2 lakh crore were announced in June 2021. The number of new projects has grown steadily over the last four quarters.
Selected sectors played a major role in the announcement of new projects. More new projects were announced in the chemicals and chemical manufacturing sector. In this sector Rs. Projects worth 0.5 lakh crore were announced. In addition, announcements were also made for the machinery, transport equipment and metal and metal manufacturing sectors.