New Delhi, April 4 (PTI): Maharashtra has emerged as the number one investment destination in the country replacing Gujarat, according to an Assocham report.

Maharashtra attracted cumulative investment proposals of Rs14,73,466 crore as on December 2013, while Gujarat drew proposals worth Rs 13,98,347 crore, an analysis by the industry group showed.

The primary reason behind Maharashtra overtaking Gujarat is the state’s focus on development of industrial centers in tier-II and tier-III cities, making it the preferred choice of investments, especially for the Indian and global service sector industries, it said.

Maharashtra has become the hub for the service and electricity industries which together attracted investment over Rs 67,000 crore in 2013. However, in comparison Gujarat attracted nearly Rs 62,000 crore in the same year, the study observed.

Gujarat had attracted Rs16,28,126 crore of investment proposals as on December 2011, when Maharashtra came in second with Rs14,13,728 crore of proposed investments. The study said the value of investment proposals in three of the top five destinations  Gujarat, Andhra Pradesh and Odisha  registered a decline.

“While the overall composition of lead investment destination states remains largely unchanged, in the last two years there have been noteworthy changes in the individual positions of India’s preferred investment destinations,” Assocham president Rana Kapoor said.