Virendra Singh Rawat / Lucknow
Even as Uttar Pradesh has garnered fresh investment proposals worth more than Rs 32 trillion at the UP Global Investors Summit (GIS) 2023, European Investment Bank (EIB) today announced investment of $1.5 billion in different infra projects of the state.
EIB vice president and former Belgium prime minister Kris Peeters said the Bank had invested in the metro rail projects in UP, and now it was considering supporting infra projects such as RRTS (Meerut), e-vehicle charging and aviation.
“We are investing $1.5 billion in the state,” he told UP chief minister Yogi Adityanath here in a meeting on the sidelines of the GIS.
The three-day GIS was on Friday inaugurated by PM Narendra Modi in the presence of top industry captains including Mukesh Ambani, Kumarmangalam Birla, N Chandrasekaran etc apart from a large number of global and domestic industrialists and investors.
“During the GIS, you must have realised the immense potential in UP, which is scripting a new saga of development. Better law and order, connectivity and availability of uninterrupted power have created an investment-friendly environment,” Yogi told the EIB chief, who is heading a delegation to the Summit.
The CM observed the investment journey of UP would gain further momentum with the EIB support. “UP is the largest state with a population of 250 million, which makes it the largest labour and consumer market in India…now UP is becoming the growth engine of India.”
He said the UP government has developed infrastructure at a rapid pace for seamless connectivity through air, water, road and rail networks, which will enhance the accessibility of logistics to enable industries to access global and domestic markets.
The CM underscored UP’s self sufficiency in food grain production and its farm export potential, which offered an unlimited investment potential.
In his inaugural address, Modi had termed India as a vital cog for the global economic development and prosperity amid challenging geopolitical conditions bred by pandemic and war. He said every credible voice of the world is convinced that India’s economic growth would continue despite global challenges.
“What is the reason for the fast recovery attained by India despite the pandemic and the war? How did India manage to become the fastest growing economy,” Modi said, adding the reason for the “resilience” and fast recovery posted by India was the self-belief of Indians and an aspirational youth seeking transformation.