From haven to anti-socials to heaven for global investors UP has come of age
Revised industrial policy helps ‘BIMARU’ State to become the preferred destination for investment in India
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In order to take forward the keenness shown by foreign investors, the State government has sent eight teams to organise roadshows in 21 cities from 16 countries. The promotion was worth the effort as it brought investment to the tune of Rs7.12 lakh crore. Diplomats from different countries had met Adityanath expressing their interest to invest or collaborate with the State
In its brand new avatar, Uttar Pradesh has been attracting top business houses from India and abroad to invest. This gets evidenced from the fact that from Mukesh Ambani, Kumar Manglam Birla and N. Chandrasekhar of Tata Group to Daniel Bircher, CEO of Zurich Airport Asia, graced the Uttar Pradesh Global Investors Summit 2023 (UPGIS), which was inaugurated recently in Lucknow by Prime Minister, Narendra Modi .They all announced handsome investments in the state.
The investment proposals, when implemented, would lead to 92.50 lakh new jobs, observed Chief Minister Yogi Adityanath at the Summit. With the Summit attracting investment proposals worth Rs32.92 lakh crore, the state government has been able to achieve nearly double the revised target of Rs17.3 lakh crore and thrice the initial target of Rs10 lakh crore from the event.
In all, 18645 memorandums of understanding (MoUs) were signed. Of this investment proposals to the tune of Rs4.28 lakh crore were received for Bundelkhand region and Rs9.55 lakh crore for eastern Uttar Pradesh.
If we look back, Uttar Pradesh received investment intents of Rs4.68 crore in 2018 of which Rs4 lakh crore worth works have started on the ground. The state tops in terms of launching of investment proposals received during investor summits.
In a bid to give a boost to investments from all over the State came up with a more vibrant industrial policy, with suitable amendments to the old policy.
One of the positives has been extending capital subsidy to entrepreneurs. Problems faced by traders because of GST have been duly addressed, whereupon they can choose between capital subsidy and GST.
The question is how and when did Uttar Pradesh transform itself from a near-sick state to an investment hub? In a way, by following the Narendra Modi agenda, Adityanath has ushered in the State’s golden period whereby it has emerged as the country’s prime destination for investment.
It can be noticed that there investors have bet big on the infrastructure sector. From the two airports that existed when it took over, the BJP government has activated nine airports. Soon, it will boast of 21 airports for domestic flights and five for international flights. The trial run will start at Jewar airport being built by Zurich Airport Asia, early next year.
In order to take forward the keenness shown by foreign investors, the State government has sent eight teams to organise roadshows in 21 cities from 16 countries. The promotion was worth the effort as it brought investment to the tune of Rs7.12 lakh crore. Diplomats from different countries had met Adityanath expressing their interest to invest or collaborate with the State.
Daniel Bircher, CEO of Zurich Airport Asia said that the Zurich Airport is celebrating its 75th anniversary just as India is celebrating 75 years of independence. He mentioned the long-standing partnership with India where Zurich Airport supported the development of Bengaluru Airport two decades back and is presently developing the Noida International Airport. He underlined the direct connectivity of the Noida International Airport with Yamuna Expressway.
Perhaps not many people know that almost 65 per cent of the mobile phones sold in India are manufactured in Uttar Pradesh. If it has become the country’s mobile phone industry capital, then credit for that achievement should to go to the state government’s policies and flexibility.
Dixon Technologies Chairman Ravi Vachani stated that they were looking at exporting almost $100 billion worth mobile phones.
Having been seen with scorn as a state on the throes, particularly because of poor law and order situation and an unfavourabe climate for investments, Uttar Pradesh has been carving a new identity in the last five to six years. Uttar Pradesh is being hailed for its good governance, a better law and order situation, peace and stability, which all are welcome opportunities for wealth creators to eye UP as their investment destination. Needless to say that the success story, and the new benchmarks it has set, will serve as a role-model for other States.
(The author is Delhi-based senior journalist and writer. He is author of Gandhi's Delhi which has brought to the forth many hidden facts about Mahatma Gandhi)
