New Delhi, Sep 7 (IANS): The major investments in Central Public Sector Enterprises (CPSEs), accounting for 50 percent of their total investment of Rs.5.5 lakh crore ($91 billion) between 2008-09 and 2012-13 came from five states, a study done by the Associated Chambers of Commerce & Industry of India (ASSOCHAM) said here Sunday.

Topping the list, Maharashtra alone claimed 20 percent in the total, followed by Andhra Pradesh (8.4 percent), Tamil Nadu (8.1 percent), Odisha (6.7 percent) and Uttar Pradesh (6.2 percent), the study said.

The investment would have been much more with improved employment generation had there not been delays in execution and implementation of the new projects, the study added.

"Investment is a function of the state of economy, historical base of the concerned CPSE, industrial environment and the push factor of the states besides priorities of the central government. Despite talks of autonomy, the public sector investment decisions are influenced by several factors other than pure commercial considerations," ASSOCHAM Secretary General D.S. Rawat said.

Besides the top five states, other major beneficiaries included West Bengal (5.3 percent), Chhattisgarh (4.8 percent), Assam (3.9 percent), Madhya Pradesh (3.8 percent) and Himachal Pradesh (3.4 percent), the study added.

"The CPSEs investment growth rate was recorded at 9.05 percent in 2012-13 on a year-on-year basis as compared to 13.42 percent in 2011-12, 9.48 percent in 2010-11 and 15.52 percent in 2009-10," the paper added.