Being the centrally located state of the nation, and being geographically located in a plateau with the Narmada river serving most of it's water needs - the Malwa Plateau, MP, and it's cities had an advantage for almost all kinds of industries.
Unfortunately, the lack of political will and focus on some real development for the state has landed this state into more of a dependent status than being independent and contributing to the nations' GDP.
Though things are likely to change, it takes a huge amount of time in this state to take decisions, most of them being passed around like a bucket of popcorn.
The Global Investor's meet in Indore, that the MP government called for last year should have probably taken off in a huge way, had things really been moved positively.
Several reknowned people and companies did agree to participate then. I was not able to find out about any further details on the success of the meet and any action items highlighted in the same.
Things still are at a very basic level of planning even today, and implementation details are thus awaited.
On a personal note, I know of one company - SemanticBITS which wanted to invest in Indore, but has backed out and decided to locate in Hyderabad. I'd say, a loss for the state. Another level of loss comes from the relocation of existing companies like CSC, who, finding infrastructure development very slow have decided to get most of their work moved to locations like Hyderabad, Chennai and Noida.

I hope though that the state does a lot more to invite companies, esp. by ensuring quick deployment of infrastructure and power and zero red-tapism for companies to set up and do uninterrupted business in the state.