New Delhi: Based on data furnished by banks across India, the Reserve Bank of India (RBI) has released a report revealing that Kerala is encountering challenges in garnering new bank deposits. The findings of the RBI stem from a scrutiny of project-related figures supplied by banks. Recommendations for projects are conveyed to banks, which then extend loans for their execution. The report’s conclusions are based on data linked to projects that have secured financial aid from banks.
The report underscores a substantial surge in investments within India during the fiscal year 2022–23. The nation has witnessed an influx of over ₹3 lakh crores in investments across various states. The most substantial portions of these investments have been directed towards Uttar Pradesh, Maharashtra, Odisha, Karnataka, and Gujarat. Interestingly, Kerala finds itself positioned among the states at the bottom of this list.
Kerala, along with Goa and Assam, has encountered a dearth of new investments. Furthermore, the RBI emphasises that states such as Kerala are concentrating on relatively smaller projects, which contributes to their lag in investment traction. Kerala, in particular, secured a mere 0.9 percent (₹2,399 crores) of the total investment projects’ value.
In contrast, Uttar Pradesh claims the first position, with a staggering 16.2 percent (₹43,180 crores) of the investment projects situated within its boundaries. Other significant contributors include Gujarat (14 percent), Odisha (11.8 percent), Maharashtra (7.9 percent), and Karnataka (7.3 percent). The report highlights that India has experienced a noteworthy capital investment of ₹3, 52,624 crores since the fiscal year 2014–15. These plans encompass assistance from banks, private fundraising endeavours, and foreign loans. It’s worth noting that the RBI’s decision to increase the repo rate in April 2022 played a role in encouraging the influx of new deposits.
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