After the success of UP Investors’ Summit in February 2018 that fetched investment proposals worth Rs 4.68 lakh crore, the Yogi Adityanath government is now contemplating organising its maiden ‘Global Investors’ Summit’ early next year.
The 2018 summit resulted in big investment as a fair share of MoUs matured into actual investment in the state.
The proposed ‘Global Investors’ Summit’ would be held on a grand scale and position Uttar Pradesh as an ideal investment destination not only in India but globally.
While reviewing the progress of Industrial Development department this week, Chief Minister Yogi Adityanath asked officials to start preparing for the ‘Global Investors’ Summit’, proposed to be held in February 2020.
He also directed the officials to hold the second groundbreaking ceremony for the pending industrial and infrastructure projects next month.
During the two-day UP Investors’ Summit in Lucknow on 21-22 February, 2018, the UP government had signed 1,047 memoranda of understanding (MoUs) worth Rs 4.68 lakh crore with private and public sector companies.
The summit was inaugurated by Prime Minister Narendra Modi in the presence of honchos of corporate world, including Mukesh Ambani, Gautam Adani, Kumar Mangalam Birla, N Chandrasekaran, Subhash Chandra, GM Rao, Shiv Nadar and many others.
The state also hosted delegates from Mauritius, Japan, the Netherlands, Finland, Czech Republic, Thailand and Slovakia to explore investment opportunities in UP.
Later, on July 29, 2018, the Prime Minister presided over the first groundbreaking ceremony and laid the foundation stones of projects worth Rs 60,000 crore in Lucknow.
So far 29 such projects totalling Rs 30,000 crore investment have already attained commercial production.
However, the second groundbreaking ceremony for projects worth almost Rs 80,000 crore got delayed several times due to incomplete groundwork, land acquisition woes, pending clearances and lastly the Lok Sabha elections.
Meanwhile, the Chief Minister exhorted officials to further simply the processes for spurring investment and resolving issues within seven days and warned against harassment of industrialists in the name of inspections.
Yogi ordered action against district magistrates who failed to settle no objection certificate (NOC) issues within the stipulated time frame.
The Chief Minister advised officials to encourage investment in food processing sector, especially potato-based, for maximising farmers’ income. Besides, he underlined pharmaceutical, solid waste management and dairy development sectors for leveraging investment potential available in the state.
Yogi has asked the UP Expressway Industrial Development Authority (UPEIDA) to develop industrial corridor on both sides of the proposed Gorakhpur link expressway and speed up work on Bundelkhand and Ganga expressways.
Principal Secretary, Infrastructure and Industrial development, RK Singh, said that the single window system portal had received 45,000 applications out of which NOCs had been issued to nearly 77 percent or 34,000 applicants and over 6,000 such cases were under consideration. “At the same time, UP Defence Industrial Corridor is projected to attract investment worth Rs 500 crore soon,” he said.
