Uttar Pradesh Global Investors Summit 2023 is the flagship investment summit of the Government of Uttar Pradesh, which will bring together policymakers, industry leaders, academia, think tanks and leaders from across the world to collectively explore business opportunities and forge partnerships. The Prime minister also took a walkthrough of the exhibition on display.
While asserting that Uttar Pradesh is the safest destination for investments, Chief minister Yogi Adityanath on Sunday said that investment proposal worth rupees 33.5 lakh crore were received at the Global Investors Summit 2023.
He also affirmed that unlike earlier when only a few regions around National Capital Region (NCR) got benefits, this year the investment proposals have been made for all 75 districts of the state.
Impact
The chief minister also added that the investment proposals will lead to the certain of 93lakh employment opportunities in the state. He added that Uttar Pradesh will become a trillion – dollar economy soon and the government is working to make it the biggest economy of the country.
What happened in the last summit?
The investor summit in its first avatar in 2018 saw a modest beginning with investment proposals worth Rs 4.75 lakh crore. Attempts to change the state’s perception from being backward to a developing one were being made.
The CM in his interview said 75% to 80% of the MoUs signed have been successfully implemented upon, thus creating 5 lakh new job opportunities in the state.
As Yogi Adityanath struggled to address the economy, law and order, security and safety of investment in the state remained a major challenge. He moved ahead to have an iron hand on administration and gave the police a free hand in chasing the criminals. The encounter spree this started seeing a lot of criticism but the CM remained unfazed.
Road to 2023 Summit
Going back to his vision of making Uttar Pradesh a $1 trillion economy by 2027, the chief minister instructed his team to make the global summit a “huge success”.
Driven by the rapid improvements in road connectivity, construction of new expressway and airports, improved law and order situation, vast availability of land Bank and reforms at the policy levels, were seen as a strong foundation for giving wings to UP’s development aspirations.
In a bid to draw in international investments, teams under different ministers were sent to countries such as the USA, United Kingdom, Brazil, Mexico, Germany, Australia, Japan and Singapore. The team organised roadshows in 21 cities of 16 different countries during the coarse of their tour.
Holistic Development
It is no longer a case of investments just in a particular region. Even the economically backward regions like eastern UP and Bundelkhand have seen encouraging investment proposals.
According to the government data, west UP comprises of Noida region has received investment proposals worth Rs14.81 lakh crore, which amount to around 45% of total proposals.
Purvanchal or east UP has received investment proposals of more than Rs9.50 lakh crore or 29% of the total, while 13% of total investment, amounting to around 4.27 lakh crore, are for districts in Bundelkhand region.
Maximum investment in which sectors
“Renewable energy” turned out to be upcoming area attracting maximum investment intents, leaving behind “electronics manufacturing” – which had been always the top sector investment in the state.
15.47% of the total intents amounting to Rs4.47 lakh crore went to renewable energy sector. The electronics sector received 12.41 percent of the total intents amounting to Rs3.58 lakh crore.
Industrial Parks drew about 11.35 percent, while higher education got 9 percent. Manufacturing got close to Rs 2 lakh crore and logistics & warehousing Rs1.59 lakh crore.
It was worth nothing that the single largest investment intent came from “ Tauschen International Ltd, Hongkong”, which signed 16 MoUs Rs1.89 lakh crore.
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