The newly elected Yogi Adityanath government 2.0 is targetting to garner total investments of Rs 10 trillion in the first 100 days of taking over the reins of the state.
According to officials, a grandiose groundbreaking ceremony for mega industrial and infrastructure projects would be organised in Lucknow by June-July 2022.
The event would serve as a platform for attracting big ticket private investments in an array of sectors. A galaxy of top industrialists and investors would be present to witness the ceremony.
“Providing maximum employment opportunities through industrial investment in UP has been a top priority of the chief minister,” the official noted.
Soon after becoming the CM in March 2017, Yogi had chaired a meeting of senior UP officials to discuss the issues of promoting industrial investment. It was then decided to hold an Investors’ Summit in Lucknow on Feb 21 and 22, 2018 and to formulate a new industrial policy.
The Summit was hugely successful with the state receiving 1,045 investment proposals of Rs 4.65 trillion in varied sectors. Prime Minister Narendra Modi had inaugurated the event and nudged UP to strive towards becoming India’s first trillion dollar economy.
Later on July 28, 2018, the UP government organised the first groundbreaking ceremony for the first batch of industrial projects totalling Rs 60,000 crore. Top industrialists including Mukesh Ambani, Gautam Adani, Kumar Mangalam Birla etc had partaken in the event.
Of the total investment proposals received at the Summit, 215 investors have already established their enterprises by investing over Rs 51,000 crore, while 130 investors are setting up their venture by investing nearly Rs 37,500 crore.
Similarly, 449 investment projects are in the pipeline with total investment profile of close to Rs 87,000 crore. Even during the pandemic, 96 new investors had evinced interest to invest Rs 66,000 crore in UP.
All these projects are estimated to generate job and self employment opportunities for tens of thousands of youth belonging to the state apart from spurring the state’s Gross Domestic Product (GDP).
Moreover, the investment potential of Rs 50,000 crore in the UP Defence Corridor, nearly 500,000 people are expected to get jobs in the defence manufacturing value chain.