Millions Worth of Investments and Opportunities Lie Ahead of Uttar Pradesh
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
All eyes were on Uttar Pradesh’s capital Lucknow, as the city rolled out the red carpet to welcome the Prime Minister Narendra Modi along with several other union ministers and the biggest industrialists of the country for the UP Investor Summit 2018. With great pomp and show, the Prime Minister inaugurated the event which will also see the presence of the President of India Ram Nath Kovind.
But what drew attention from all was the amount of investments that was promised for the development of the state. The CM of Uttar Pradesh Yogi Adityanath also declared that with the presence of numerous Fortune 500 companies the state has signed 1,045 MoUs worth INR 4.28 lakh crore.
Entrepreneur India takes a look at the investments and opportunities that lie ahead of UP.
With the bigwigs of the industry lining up their aircrafts at Lucknow and making their way to the summit, it comes as no surprise that every big name promised a big investment into the state. While Reliance Jio had already invested INR 23,000 crore in the state, Mukesh Ambani went on to announce that the company will be pumping in another INR 10,000 crore. Founder of the Adani Group, billionaire Gautam Adani spoke about investing INR 35,000 crore in metro rail projects, food processing units and power over the next five years. Meanwhile, business tycoon Kumar Mangalam Birla said that UP will become their highest investment decision with INR 20,000 crore worth of investments in telecom, chemicals and expansion of their manufacturing units.
Anand Mahindra who has been talking about the Mahindra Group’s advancements in the electric vehicle category promised that they would be opening an electric vehicle manufacturing plant in Uttar Pradesh.
Prime Minister Narendra Modi has a special corner for the state of Uttar Pradesh as it also houses his electoral seat Varanasi. While at the UP Investor Summit event, Modi announced a defence industrial corridor in Bundelkhand. He said that of one of the two defence industrial corridors mentioned in the budget, one will be in Bundelkhand with an investment of INR 20,000 crore. The setting up of this defence corridor will also pave the way for 2.5 lakh jobs. The corridor will be extended to Agra, Aligarh, Lucknow, Kanpur, Jhansi and Chitrakoot.
Transformation of UP
The investments into Uttar Pradesh are sure to lead the state’s growth economically. The Prime Minister even urged the state to compete with Maharashtra to be the first state in the country to have a trillion dollar economy. He added that the Yogi government has come as a ray of hope for the people of the state. “Uttar Pradesh has values and virtues, but it also needs value addition,” the prime minister said. He added that potential coupled with Policy, Planning, Performance will lead to the progress of the state.