Recession Costs MP an Investment of Rs 1 Lakh Crore

Industry and Commerce Minister Kailash Vijaywargiya has said that the economic downturn has cost the state an industrial investment of at least Rs one-lakh-crore.

“An industrial investment of Rs one lakh crore could not take place in Madhya Pradesh following the economic downturn,” Vijaywargiya told media persons at MP State Industrial Development Corporation (MPSIDC) office.

According to Vijayvargiya, the automobile and textile industry had been hit worst in the state by the economic recession, though some investments in medicine manufacturing units have still come in the state.

The minister said that the state government was focusing on development of food processing sector in the state, adding that this sector has remained unaffected due to the economic recession.

The Minister said that at present nine food processing parks are existing and 15 more such parks will come up in the state in a year’s time.

“The food processing parks will boost agriculture sector business and it will generate more employment, especially for the farmers,” he said.