NRIs investing in a big way in UP, claims govt

| | Lucknow
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NRIs investing in a big way in UP, claims govt

Saturday, 24 July 2021 | PNS | Lucknow

The Uttar Pradesh government said that besides multinational companies, non-resident Indians (NRIs) were willing to set up their industrial units across the state.

More than 50 NRIs have taken the initiative to set up industries in the state of which 32 are in touch with the state government to invest about Rs 1,045 crore in Noida-Greater Noida, Lucknow, Kanpur, Gorakhpur and Prayagraj. These NRIs have shown interest in investing in 15 sectors, including agriculture, health, IT, manufacturing and solar energy.

UP has become a favourite destination for both NRIs as well as foreign investors. The interest among NRI investors has increased in the last couple of years, after the launch of the website by Chief Minister Yogi Adityanath last year. The NRI section of the website has been screened by over 500 non-resident Indians for investing in UP while NRI cards have been issued to 540 of them.

It is the result of the Yogi government's activism that 32 NRIs staying in 18 countries, including the USA, UAE, Oman, Singapore, Australia, Germany, Ghana, New Zealand, Russia, England etc., have sent their proposals to the state government to invest in the UP.

According to officials, four US-based Indians as well as eight residing in the UAE and two Indians each living in Oman, Singapore and England have sent their proposals to the government to invest in UP.

As many as 13 of these NRI investors already have businesses in the countries of their residences and now they want to expand it to UP as well. Besides, 19 Indians working in responsible positions in major companies abroad are now moving to set up their enterprises in UP.

The state government, on its part, is making concrete efforts to expedite provision of land to these prospective investors. It is also in constant touch with NRIs to help them establish their firms. Once operational, these ventures of NRIs will provide employment to thousands of people of the state.

Officials further said that seven NRIs had expressed their willingness to set up their enterprises in agriculture, four each in the health and the manufacturing sectors, three each in the IT and energy and solar energy sectors and two each in the education and food processing sectors. Some NRIs from the UAE have proposed to build a grand hospital at an estimated cost of Rs 400 crore in Uttar Pradesh.

Similarly, Russia based NRI Dr S Singh will invest Rs 300 crore in a renewable energy project. NRIs residing in Kuwait have proposed to invest Rs 100 crore in the automotive sector while NRIs in Ghana and New Zealand have made investment proposals worth Rs 150 crore in the agriculture sector. The chief minister has directed the officials to contact these willing NRIs and expedite procedures to help their projects get off the ground as soon as possible.

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