India Trade — Sector & Policy Recommendations

State-wise investment implementation: domestic + foreign combined, on IEM Part B

FDI tables miss domestic capital; announcement trackers miss what never gets built. IEM Part B — the filing an industrial undertaking makes when commercial production actually commences — is the one official series that measures implemented industrial investment regardless of who funded it. This bulletin ranks states on it (2021–2025, ₹19.52 lakh cr across 4,859 implemented projects), computes each state's intent-to-implementation conversion, contrasts against FY2025-26 FDI equity to infer the financing mix, and identifies the sector leaders driving implementation.

SOURCES: DPIIT Annual Report 2025-26, Appendices III/V/VI (Grand-Total-verified extraction from the source PDF); FDI comparison from DPIIT FDI Newsletter XXXIV-4 Table 13. Retrieved 2026-07-19.
Measures: implemented projects under the I(D&R) Act — manufacturing only, services excluded (Karnataka's software economy is invisible here by design).
Threshold: only large filings (₹50cr plant & machinery; ₹125cr from Apr 2025).
Capital-blind: a Tata plant and a Daikin plant file identically — domestic + foreign combined, which is exactly the point.
Taxonomy: the 1951 list has no Electronics category — that investment sits under Electricals Equipment / Comm-Office / Telecom.

The state table — implemented investment, ₹ crore

Top 3 states = 63.3% of all implemented industrial investment
#State20212022202320242025*5-yr totalShareA→B conv.FY26 FDI $MFinancing read

Where IEM and FDI diverge — the financing patterns

The same states, two very different official mirrors

Sector leaders — what is actually getting built

Part B by scheduled industry, 2021–2025
#Sector5-yr total ₹crShare2025 alone ₹crRead
Caveats & methodology notes
  • A→B conversion is a same-period flow ratio, not cohort-matched — Part B in any year comes from Part A filings of earlier years. Punjab's 356% and Gujarat's 178% are pipeline effects (old filings landing), not same-year magic.
  • No state×sector cross-tab exists — DPIIT publishes the two marginals separately, so "which sector leads in which state" is inferred only where external evidence exists (Odisha = metals), never computed.
  • Appendix V says "Up to Dec 2025", Appendix VI says "Up to Nov 2025" — yet both grand-total to the identical ₹5,83,096cr. An internal labeling inconsistency in DPIIT's own document, flagged not reconciled.
  • 2025 is partial and IEM partial-year figures revise heavily (2024's Part B grew ~₹2 lakh cr between consecutive Annual Reports).
  • Underlying data: data/state_iem_implementation_2026-07-19.json · Related: PLI report card · domestic vs. FDI capital case.