{
  "purpose": "State-wise investment IMPLEMENTATION combining domestic and foreign capital, built on IEM Part B (the filing an industrial undertaking makes when commercial production actually commences) -- the one official dataset that measures implemented industrial investment regardless of who funded it. Ranks states 2021-2025, computes intent-to-implementation conversion per state, contrasts against FY2025-26 FDI equity to infer each state's financing mix, and identifies the sector leaders driving implementation.",
  "retrieved": "2026-07-19",
  "method": "DPIIT Annual Report 2025-26, Appendices III (Part A state-wise), V (Part B state-wise) and VI (Part B sector-wise), Grand-Total-verified layout extraction from the source PDF. FDI comparison column from DPIIT FDI Newsletter XXXIV-4 Table 13 (FY2025-26 state-wise equity inflow). The property that made IEM unusable as an FDI proxy elsewhere in this repo -- it mixes domestic and foreign capital indiscriminately -- is precisely what makes it the right combined measure here.",

  "what_iem_part_b_measures": [
    "Implemented industrial projects under the I(D&R) Act 1951 -- manufacturing, not services (Karnataka's software economy is invisible here by design).",
    "Only filings above the eligibility threshold (Rs 50cr plant & machinery, raised to Rs 125cr from Apr 2025) -- large projects only.",
    "Capital source is NOT recorded: a Tata plant and a Daikin plant file identically. Domestic + foreign combined.",
    "The 1951 taxonomy has no Electronics category -- electronics investment appears under Electricals Equipment / Comm-Office Equipment / Telecommunications."
  ],

  "state_table_part_b_rs_cr": [
    {"rank": 1, "state": "Gujarat", "y2021": 104968, "y2022": 39259, "y2023": 61407, "y2024": 208025, "y2025_to_dec": 246595, "total_5yr": 660254, "share_pct": 33.8, "a_to_b_conversion_pct": 177.8, "fdi_fy26_usd_m": 5713.33, "financing_read": "Both engines at scale -- and implementing 178% of same-period intent (the pre-2021 pipeline landing). Rs 4.55 lakh cr in 2024-2025 alone."},
    {"rank": 2, "state": "Odisha", "y2021": 89167, "y2022": 37266, "y2023": 25138, "y2024": 80875, "y2025_to_dec": 104041, "total_5yr": 336487, "share_pct": 17.2, "a_to_b_conversion_pct": 60.1, "fdi_fy26_usd_m": 83.99, "financing_read": "THE domestic-capital state, quantified: #2 in implementation with 0.14% of national FDI. Tata Steel/Jindal steel capex is here -- invisible to FDI data, enormous in IEM data."},
    {"rank": 3, "state": "Maharashtra", "y2021": 45855, "y2022": 35675, "y2023": 52201, "y2024": 42949, "y2025_to_dec": 61308, "total_5yr": 237988, "share_pct": 12.2, "a_to_b_conversion_pct": 34.9, "fdi_fy26_usd_m": 18418.47, "financing_read": "#3 implementation AND #1 FDI ($18.4bn, 31.3%) -- the most FDI-weighted major manufacturing state (foreign OEM auto belt), though conversion of its huge stated intent is just 35%."},
    {"rank": 4, "state": "Andhra Pradesh", "y2021": 10350, "y2022": 45217, "y2023": 10536, "y2024": 23662, "y2025_to_dec": 50680, "total_5yr": 140445, "share_pct": 7.2, "a_to_b_conversion_pct": 85.4, "fdi_fy26_usd_m": 608.59, "financing_read": "Domestic-led manufacturing with selective genuine FDI (Sri City: Daikin, LG); 85% conversion and a Rs 50,680cr 2025 -- accelerating."},
    {"rank": 5, "state": "Uttar Pradesh", "y2021": 11333, "y2022": 8896, "y2023": 13720, "y2024": 28115, "y2025_to_dec": 11890, "total_5yr": 73954, "share_pct": 3.8, "a_to_b_conversion_pct": null, "fdi_fy26_usd_m": null, "financing_read": "Noida electronics/appliance cluster; 2024 spike Rs 28,115cr."},
    {"rank": 6, "state": "Rajasthan", "y2021": 7571, "y2022": 17403, "y2023": 8868, "y2024": 16880, "y2025_to_dec": 20651, "total_5yr": 71373, "share_pct": 3.7, "a_to_b_conversion_pct": 68.2, "fdi_fy26_usd_m": null, "financing_read": "Steady riser; cement/metals belt."},
    {"rank": 7, "state": "Madhya Pradesh", "y2021": 14500, "y2022": 7153, "y2023": 12801, "y2024": 18674, "y2025_to_dec": 11700, "total_5yr": 64828, "share_pct": 3.3, "a_to_b_conversion_pct": 68.3, "fdi_fy26_usd_m": null, "financing_read": "Consistent mid-tier implementer."},
    {"rank": 8, "state": "Punjab", "y2021": 5627, "y2022": 4466, "y2023": 32182, "y2024": 7144, "y2025_to_dec": 7874, "total_5yr": 57293, "share_pct": 2.9, "a_to_b_conversion_pct": 355.7, "fdi_fy26_usd_m": null, "financing_read": "The 356% conversion is a small-base artifact (2023's Rs 32,182cr spike vs tiny same-period intent) -- old filings landing, not a boom in new intent."},
    {"rank": 9, "state": "Tamil Nadu", "y2021": 13684, "y2022": 9268, "y2023": 6746, "y2024": 7763, "y2025_to_dec": 7166, "total_5yr": 44627, "share_pct": 2.3, "a_to_b_conversion_pct": 49.3, "fdi_fy26_usd_m": 4723.97, "financing_read": "Surprisingly modest in IEM terms for the 'Detroit of Asia' -- its auto cluster largely predates this 5-year window; FDI ($4.7bn) outweighs new large-project IEM implementation."},
    {"rank": 10, "state": "Chhattisgarh", "y2021": 16492, "y2022": 2766, "y2023": 1310, "y2024": 18235, "y2025_to_dec": 4747, "total_5yr": 43550, "share_pct": 2.2, "a_to_b_conversion_pct": 35.7, "fdi_fy26_usd_m": null, "financing_read": "Steel/metals lumpy years."},
    {"rank": 11, "state": "Karnataka", "y2021": 6327, "y2022": 8042, "y2023": 6368, "y2024": 7272, "y2025_to_dec": 14454, "total_5yr": 42463, "share_pct": 2.2, "a_to_b_conversion_pct": 21.3, "fdi_fy26_usd_m": 12938.67, "financing_read": "THE inversion: 2.2% of national implementation but 22% of national FDI ($12.9bn). Its FDI is services/software (invisible to IEM by design); its manufacturing implementation is modest and its conversion (21%) the weakest of the majors."},
    {"rank": 12, "state": "Haryana", "y2021": 3562, "y2022": 2891, "y2023": 6652, "y2024": 5358, "y2025_to_dec": 7369, "total_5yr": 25832, "share_pct": 1.3, "a_to_b_conversion_pct": 43.5, "fdi_fy26_usd_m": null, "financing_read": "Gurgaon-belt auto/components."},
    {"rank": 13, "state": "Telangana", "y2021": 6739, "y2022": 3915, "y2023": 3464, "y2024": 6158, "y2025_to_dec": 4858, "total_5yr": 25134, "share_pct": 1.3, "a_to_b_conversion_pct": 28.1, "fdi_fy26_usd_m": 2252.86, "financing_read": "Modest implementation so far -- but 2025 Part A intent spiked to Rs 60,991cr (life-sciences push), so watch the B column from 2026."},
    {"rank": 14, "state": "Assam", "y2021": 452, "y2022": 633, "y2023": 18778, "y2024": 1528, "y2025_to_dec": 1229, "total_5yr": 22620, "share_pct": 1.2, "a_to_b_conversion_pct": 83.4, "fdi_fy26_usd_m": 2.37, "financing_read": "The 2023 Rs 18,778cr is the Tata Electronics-era surge registering in IEM -- while FDI shows $2.37M. The clearest single-state proof that IEM captures what FDI data structurally cannot."},
    {"rank": 15, "state": "West Bengal", "y2021": 1967, "y2022": 3735, "y2023": 4930, "y2024": 6011, "y2025_to_dec": 5842, "total_5yr": 22485, "share_pct": 1.2, "a_to_b_conversion_pct": null, "fdi_fy26_usd_m": 228.99, "financing_read": "Steady small-scale implementation despite the 2025 incentive revocation."}
  ],
  "grand_total_note": "All-India Part B 2021-2025: Rs 19,51,828cr across 4,859 implemented IEMs. The top 3 states (Gujarat, Odisha, Maharashtra) account for 63.3% of all implemented industrial investment.",

  "sector_leaders_part_b_rs_cr": [
    {"rank": 1, "sector": "Metallurgical Industries", "total_5yr": 469693, "share_pct": 24.1, "y2025_alone": 209301, "read": "The implementation engine of Indian industry -- Rs 2.09 lakh cr in 2025 alone (the largest single-year sector figure in the series). This is the Odisha/Gujarat/Chhattisgarh steel-and-metals capex, overwhelmingly domestic-funded (the same sector whose FDI proxy is amber and whose PLI has disbursed 0.8%)."},
    {"rank": 2, "sector": "Chemicals (except fertilizers)", "total_5yr": 286230, "share_pct": 14.7, "y2025_alone": 81169, "read": "The quiet giant: #2 implementation sector WITH NO PLI SCHEME. Private chemical capex is landing at Rs 50-80,000cr/yr regardless -- strengthening the case that the proposed chemicals PLI would be pushing an already-moving door (and sharpening the question of why imports still grew 86%: the capex may be import-substituting slowly, or demand is simply outrunning it)."},
    {"rank": 3, "sector": "Electricals Equipment", "total_5yr": 189548, "share_pct": 9.7, "y2025_alone": 34904, "read": "Where electronics/white-goods manufacturing lands in the 1951 taxonomy -- steady Rs 19-69,000cr/yr."},
    {"rank": 4, "sector": "Glass", "total_5yr": 131208, "share_pct": 6.7, "y2025_alone": 3062, "read": "ANOMALY FLAG: Rs 1,22,497cr of the 5-yr total sits in a single year (2024) against Rs 1-3,000cr in every other year -- either one mega-project (solar glass?) or a data quirk. Not treated as a trend."},
    {"rank": 5, "sector": "Food Processing", "total_5yr": 102893, "share_pct": 5.3, "y2025_alone": 12073, "read": "Consistent riser (Rs 7,236cr in 2021 to Rs 36,888cr in 2024) -- matches Food Processing PLI being one of the few schemes paying out at scale."},
    {"rank": 6, "sector": "Cement & Gypsum", "total_5yr": 101094, "share_pct": 5.2, "y2025_alone": 11642, "read": "Steady infrastructure-linked capex."},
    {"rank": 7, "sector": "Fuels", "total_5yr": 88451, "share_pct": 4.5, "y2025_alone": 70117, "read": "ANOMALY FLAG: Rs 70,117cr of the total is one year (2025) -- likely a single refinery/energy mega-filing."},
    {"rank": 8, "sector": "Transportation Industry", "total_5yr": 81764, "share_pct": 4.2, "y2025_alone": 19138, "read": "The auto/EV capex channel -- Rs 19,138cr in 2025, rising."},
    {"rank": 9, "sector": "Textiles", "total_5yr": 58318, "share_pct": 3.0, "y2025_alone": 23854, "read": "2025 riser (Rs 23,854cr vs Rs 5-10,000cr/yr prior) -- large textile projects finally implementing even as the PLI's own disbursal sits at 0.5%."},
    {"rank": 10, "sector": "Fermentation Industries", "total_5yr": 43977, "share_pct": 2.3, "y2025_alone": 24237, "read": "2025 riser -- ethanol/biofuel capacity wave."},
    {"rank": 11, "sector": "Drugs & Pharmaceuticals", "total_5yr": 40109, "share_pct": 2.1, "y2025_alone": 18077, "read": "2025 riser (Rs 18,077cr vs Rs 3,599cr in 2021 -- a 5x climb) that lines up with the sector's FDI doubling and its A-grade PLI: pharma is the sector where every measure now points the same way."},
    {"rank": 12, "sector": "Misc. Industries", "total_5yr": 82669, "share_pct": 4.2, "y2025_alone": 18460, "read": "Catch-all bucket; 2024 spike Rs 46,464cr."}
  ],

  "iem_vs_fdi_divergence": [
    {"pattern": "High implementation, negligible FDI (domestic-funded manufacturing)", "states": "Odisha (17.2% of implementation, 0.14% of FDI), Assam (Rs 18,778cr in 2023 vs $2.37M FDI), Chhattisgarh, Rajasthan, MP", "meaning": "These states' industrialization is real and large -- and structurally invisible to anyone reading only FDI tables."},
    {"pattern": "High FDI, modest implementation (services FDI or pre-window clusters)", "states": "Karnataka (22% of FDI, 2.2% of implementation -- Bengaluru software), Tamil Nadu (FDI $4.7bn vs 2.3% implementation share -- auto cluster predates the window)", "meaning": "Their headline FDI is not new large-scale manufacturing; IEM strips the services/HQ effect out."},
    {"pattern": "Both engines running", "states": "Gujarat (#1 implementation at 33.8% AND #4 FDI), Maharashtra (#3 implementation AND #1 FDI), Andhra Pradesh (85% conversion + genuine Sri City FDI)", "meaning": "The states that win both channels -- and Gujarat's 178% conversion means it implements more than it files intent for, the sign of a deep pre-existing pipeline."}
  ],

  "caveats": [
    "A-to-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, not same-year magic).",
    "DPIIT publishes state-wise and sector-wise Part B as separate marginals -- NO state-x-sector cross-tab exists, so 'which sector leads in which state' cannot be answered from this data and is inferred only where external evidence exists (e.g. Odisha=metals).",
    "Appendix V is headed 'Up to Dec 2025' while Appendix VI says 'Up to Nov 2025' -- yet both grand-total to the identical Rs 5,83,096cr; flagged as an internal labeling inconsistency in DPIIT's own document.",
    "2025 is a partial year and IEM partial-year figures revise heavily (2024's Part B grew Rs ~2 lakh cr between consecutive Annual Reports).",
    "IEM excludes services, projects below the threshold, and industries still under compulsory licensing."
  ]
}