New Delhi, May 25 (KNN) Punjab is witnessing a considerable improvement in the time taken for implementation of the projects, revealed a study.

The study, conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), noted that, "Showing a big revival in business confidence in the last one year, as many as 248 projects involving an investment of Rs 1.20 lakh crore are under implementation in Punjab, with considerable cut in time taken for project completion."

The study report titled ‘'Analysis of Punjab: Economy, Infrastructure and Investment’ pointed that the most of the under implementation projects are in the service sector (other than financial) that constitutes 45.1 percent of outstanding investment in 2017-18, followed by construction and real estate with 26.1 percent and manufacturing sector with 20.9 percent.

Reviewing the study report, ASSOCHAM Secretary General D S Rawat said “Investment plays a vital role in strong economic growth and benefits of investments could be transferred to the people. The state, under the leadership of Chief Minister Captain Amarinder Singh, is recording robust improvement in new investment.”

Analysis suggests that Punjab has been witnessing faster improvement in implementation of projects that has resulted in a decline under implementation rate of investment projects.

The ratio which used to be as high as 72.4% in 2010-11, now has been reduced to 58.5% projecting a faster fruition of projects that lied under the implementation stage.

Highlighting the electricity sector, the report mentioned that the electricity sector recorded 6.9% of outstanding investment projects under the implementation stage while irrigation recorded 0.9%.

The state has witnessed a significant structural transformation in the economy from agriculture driven economy to industry and services driven economy, with major boost in the service sector. Industrial sector witnessed a moderate boost.

Punjab's new investment growth rate has recorded 488 percent increase in 2017-18 which is highest in the last eight years and higher than the all India average growth, noted the ASSOCHAM study.

According to study report, the state has attracted Rs. 2.13 lakh crore outstanding investments in 2017-18.The paper suggests that the state’s outstanding investment has recorded a sharp deceleration over the years and recorded contraction in 2013-14, 2014-15, 2015-16 and 2016-17.