FROM UTTAR PRADESH TO UTTAM PRADESH: TAKEAWAYS FROM THE UTTAR PRADESH INVESTOR SUMMIT



UP Invester Summit 2018-FT Broadcast

The Uttar Pradesh Investor Summit was held on Wednesday and it was inaugurated by Prime Minister Narendra Modi in the city of Nawabs, Lucknow. The event had 30 sessions scheduled. This mega event had been organized to bring together the heads of states and governments, ministers, leaders from the corporate world, senior policy makers, heads of international institutions and academicians to accelerate the cause of economic development in the state.

At the event, the chairman of Reliance Industries, Mukesh Ambani, announced that Reliance Jio is one of the largest investors in the state. He appreciated the government’s plan to convert Uttar Pradesh into ‘Uttam Pradesh’. He also said that Reliance Jio will invert over 20,000 crore in for the above cause. Additionally, he also assured that every village in UP will have Jio connection. He also announced far-fetched plans for other states such as West Bengal as well. Also, this event is predicted to give the state’s tourism sector a major up thrust.

Mukesh Ambani also said that Reliance JIO will facilitate the creation of over one lakh new sustainable livelihood opportunities in the state. They promised to play the role of a reliable partner for Uttar Pradesh. Reliance Foundation will also play an extremely vital role in government’s Namami Project.

In the event, Narendra Modi also declared that he wants Uttar Pradesh to compete with Maharashtra to become the first trillion dollar state. The Prime minister has also planned to develop a Rs.20, 000 crore defence manufacturing hub in Bundelkhand. The government has also prepared a defence manufacturing policy to offer a scope of sops to companies setting up shops in the state. This will generate around 25, 000 jobs in that impoverished region. Narendra Modi also commended Uttar Pradesh on being the number one state in the country in the production of food grains, wheat, sugarcane, milk and potato, number two in terms of vegetable production and number three in terms of fruit production.

In the Summit, Chairman of Aditya Birla Group, Kumar Mangalam Birla said that in the next five years, the group has plans to invest as much as Rs.25,000 crores in the state. They plan to invest in all their major businesses including telecom, cement and chemical sectors. He also lauded Prime Minister Modi’s leadership skills, government policies and the global admiration received by India in his governance. He also congratulated Yogi Adityanath saying that Uttar Pradesh stands to be 7th amongst the states which facilitate ease of doing business. According to him, UP has seen a notable acceleration towards industrial growth; hence the investors who are ready to spend on this sector would find immense opportunity all over the state.

Accorrding to a report by news agency PTI, the Adani group said that they will invest Rs.35, 000 crore in Uttar Pradesh in different sectors. Gautam Adani said that he would want to invest in energy, logistics, solar power, roads and agriculture sectors amongst a few others.

The Uttar Pradesh Summit was also attended by several other leading entrepreneurs such as Anand Mahindra along with Chief Minister of Uttar Pradesh Yogi Adityanath. The Chief Minister said that Uttar Pradesh, essentially has the potential to attract private investments worth one lakh crore in the manufacturing sector. He also emphasised on the new manufacturing segment ‘Defence and Aerospace: Investment opportunities in Uttar Pradesh.’ The government has also signed 900 MoUs (Memorandum of Understanding) with a multitude of companies for progress in different sectors such as food, agro-processing, Micro, Small and Medium Enterprises, dairy and infrastructure amongst several others. The investment in these MoUs would add up to be a whooping Rs.3 trillion, according to sources. After the first day of the summit, Chief Minister Yogi Adityanath also remarked that Uttar Pradesh has signed 1045 pacts worth Rs.4.28 lakh crore with several businesses and other governments.

Others who graced the event were Finance Minister Arun Jaitley, Defence Minister Nirmala Sitaraman, Home minister Rajnath Singh, Railway Minister Piyush Goyal, Commerce and Industry Minister Suresh Prabhu and Surface Transport Minister Nitin Gadkari, amongst several other notable personalities. President of India Ram Nath Kovind has attended the summit’s second day. Overall, the event turned out to be a raging success.

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