Lucknow: With less than even one percent share in the total foreign direct investment (FDI) proposed in 2011-12, Uttar Pradesh has been ranked as the 10th favourite investment destination for overseas investors across India, apex industry body ASSOCHAM said on Monday.
    
About 37 FDI proposals worth over Rs 1,700 crore were filed in Uttar Pradesh, a press release quoting a state-wise analysis of the proposed FDI and the number of FDI proposals filed in India during 2011-12 carried out by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).
    
Elaborating the reasons for poor FDI in Uttar Pradesh, National general secretary of ASSOCHAM, D S Rawat said that it is because the state has failed to project itself as a "promising" market.
    
A majority of overseas FDI is coming for projects concerning natural resources and as far as UP is concerned, it has not been able to properly utilise its natural resources, he said.

Rawat said the state was pursuing policies which were not conducive to the present times and was still following trends prevalent in the 1990s. Alongwith natural resources, the state should properly utilise its real estate and permit FDI in employment generation, besides infrastructure development, he added.

With over 27 percent share in the total foreign direct investment (FDI) proposed in 2011-12, Odisha has emerged as the most favorite investment destination for overseas investors across India.
    
Odisha is followed by Andhra Pradesh that attracted FDI proposals worth about Rs 33,936 crore. Gujarat got the second highest number of 131 FDI proposals but was ranked third with a share of over 11 percent attracting proposed investments worth Rs 20,258 crore, highlights the ASSOCHAM study.

(Agencies)

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