Under fire from all the quarters due to deteriorating law and order incidents in Uttar Pradesh, CM Akshilesh Yadav organized a special “Investors Conclave” in New Delhi, and the results are fascinating to say the least. As per reports coming in from various sources, big corporate have signed MoU (Memorandum of Understanding) to invest Rs 54,000 in the state, during the next 2-3 years.
Post independence, this is easily the highest amount of investment which has been promised in one of the most economically backward states of India.
Representatives from 20 big companies from 7 countries (including India) attended this special conclave held in the national capital. In fact, this is first such event organized by the UP state government, ever, and the response has been quite phenomenal.
CM Akshilesh Yadav gave a very inspiring speech, as he said, “The huge investment commitment shows the way for the next phase of growth in Uttar Pradesh. I promise I will meet each one of you personally to resolve issues like clearances. I can assure you that the work that has been started, it will not stop and I will give time as much as I can, meet each one in person and bring out solutions,”
Some of the major investments, of which MoUs have been signed are:
– Subhash Chandra led Essel Group pledged to invest Rs 20,000 crore in areas such as Urban Development and Power Distribution
– Mukesh Ambani led Reliance Jio has said that they will invest Rs 5000 crore to implement widescale 4G network in the state. This will certainly encourage IT and ITeS industry in the state, as fast internet network is one of the basic necessity.
– FMCG major ITC has promised to invest Rs 2100 crore in various industries
– Fortis Healthcare has promised to invest Rs 800 crore to build 250 bed specialty hospitals in Greater Noida, Lucknow and Kanpur
– Amity Group has pledged to invest Rs 2000 crore to open new campuses in Kanpur
– Uflex has promised to invest Rs 4000 crore to set up 300 MW solar power park in Bundelkhand region, which is one of the most backward regions of the state
– JVL Agro Industries has promised to invest Rs 2200 crore in agriculture and food processing sectors, including food storage which is very much required in the state
– River Engineering has said that they will invest Rs 350 crore to set up an air taxi base in the state
– Sonalika Group has pledged to invest Rs 200 crore to set up tractor manufacturing base and farm equipment factory
– Shree Cement will invest Rs 550 crore to open their first cement grinding plant in the state
– UK based Ultra Fairwood Group has pledged to invest Rs 220 crore in the state
– Azure Power has promised to invest Rs 800 crore in various sectors
– UP Food and Logistics Park have pledged to invest Rs 500 crore in the state
– Reekriti Food Park will invest Rs 200 crore in the state
– Dunkan Group has set aside Rs 100 crore investment for the state
Right now, Uttar Pradesh is India’s 4th biggest state in terms of area and with 20 crore people, India’s most populated state. The state provides the most number of MPs to the parliament, and politically, it is considered the most crucial state.
The development and progress which other states in the country such as Maharashtra, Gujarat, Karnataka, Tamil Nadu etc have witnessed is an example which UP government can take forward. In sectors such as food processing, agriculture, infrastructure and industry, and information technology sectors, UP can really achieve great success if the government shakes hand with the corporate world and create a path of overall progress and development.
Just to give a comparison, in 2011, when Modi led Gujarat government organized Vibrant Gujarat event in Ahmedabad to lure investments, record Rs 21 lakh crore ($450 billion) worth of MoUs were signed.
The current investments promised in UP is only 2.5% of this amount, but yes, it’s a positive first step towards development. And Uttar Pradesh is one state that requires as much investment as it can get!
