Home Business Investment summit: Uttar Pradesh eyes Rs 1 trillion worth of proposals

Investment summit: Uttar Pradesh eyes Rs 1 trillion worth of proposals

is eyeing an image makeover. To change the perception that it is an agricultural state, MSME-dominated and inward-looking, UP will launch an aggressive bid to invite foreign investment.

It would be sending out teams of officials and ministers to hold road shows in 18 countries.

This is the first time that the two-term Yogi Adityanath-led Bharatiya Janata Party (BJP) government is wooing foreign investment in such an organised way.

The culmination of the government’s efforts will be a glittering Global Investor Summit (GIS) to be held in Lucknow between 10 and 13 February 2023. The state is targeting investment proposals worth ~10 trillion.

Launching preparations for the summit, Adityanath said: “The Netherlands, Denmark, Singapore, United Kingdom and Mauritius will be participating with us as partner countries. The state government is also organising road shows in 18 countries and seven major cities of India to invite industrial investors from all over the world to the summit.”

He added: “This three-day global conference will be attended by policymakers, top leadership of the corporate world, business delegations, academia, think tanks, and intellectuals. They will collectively brainstorm on business possibilities and opportunities for partnership.”

Ambassadors and economic advisors of several embassies and high commissions attended the meeting in which the entire top bureaucracy of the state and most in the UP cabinet were present.

State finance minister Suresh Khanna told Business Standard: “UP’s is around ~20 trillion. This was a growth of 17.1 per cent over the revised estimate of for 2021-22 (~17 trillion).

Advisor to the chief minister, Awanish Awasthi said: “UP is now ready for take off. We will lead the country and help our nation to lead the world.”

UP is home to 240 million people, making it India’s largest labour and consumer market. The state contributes about 8 per cent to national GDP.

“We have provided a competitive, attractive and supportive incentive framework by making structural changes in our policies,” the chief minister said.

In the last six months, UP has reworked half a dozen policies to attract investment. For instance, the policy for data parks has been rewritten, making UP one of the most attractive states to set up data parks.

“The amendments include a capital subsidy, a deemed power distribution licence and a dual power grid supply. One government power line will be free. As data centres are extremely power-intensive, this will be a big draw. Data centres have been classified as an essential category industry, which means power supply will be undisturbed even if natural disaster strikes. Changes in the policy were made by the state government only a few months ago. This tells us that not only have they thought about the sector long and hard, but are serious about attracting investment,” said Sanjay K Jha, who addresses regulatory affairs at a major Singapore-based company. This firm already has 25 data parks in India and is one of the world’s top companies in the business.

He added: “It is a competitive business. Karnataka and Tamil Nadu also offer attractive incentives. But UP is attractive because of NOIDA – and because we’re getting more government support now.”

The chief minister launched a new online hand-holding system called ‘Nivesh Sarathi’ for signing memorandums of understanding (MoUs) and monitoring their implementation.

Changes have been made in policy relating to various sectors, including IT/ITeS, defence and aerospace, electric vehicles, warehousing and logistics, tourism, textiles and MSMEs, among others.

Leveraging the Defence Industrial Corridor in UP, Adityanath said, “Out of the nodes — Agra, Aligarh, Kanpur, Lucknow, Jhansi and Chitrakoot in — the Aligarh node has already been inaugurated by Prime Minister Narendra Modi.”

Among the factories are the BrahMos facility in Lucknow and Bharat Dynamics in Jhansi. The CMD of Bharat Dynamics, retired Commodore Siddharth Mishra, who was present, said, “We were allotted land and it was cheaper than we thought. Construction has already begun and we’re particularly appreciative of the bureaucratic backing this government is providing us.” He acknowledged that competition from the private sector, especially the Adani group, was intense, but felt that as a state-owned entity, “we can hold our own.”

Sanjeev Puri, vice-president, CII, said had an investment-friendly environment. “It is a matter of pride to be the industry partner of UPGIS-2023”.

FICCI president Shubhrakanta Panda said: “UP is raising the bar in terms of its ambitions, scale, competence, and can-do spirit” He described the state’s new policies like IT/ITeS, start-ups, EVs, defence and aerospace as encouraging for the industry.

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