Uttar Pradesh has received investment proposals worth over Rs 35,000 crore in the hospitality and tourism sectors. The proposed investment pertains to a plethora of projects, including hotels, resorts, river cruise, wellness hubs, ecotourism, entertainment zones, theme parks, etc. The government is looking to catalyse the state’s socio-economic landscape with the help of both manufacturing and services.
“The fresh investment proposals have come as a shot in the arm for UP in its endeavour to boost the gross state domestic product (GSDP) and create mass local jobs,” a senior UP government official said.
While hotel and resort projects account for nearly Rs 20,000 crore worth of investment proposals, miscellaneous projects comprise the remaining portion of the proposed investment kitty.
The state has firmed up over 400 MoUs with private companies in this regard. The investment proposals were garnered during the recent domestic and international roadshows organised in the run-up to the UP Global investors summit (GIS-2023) to be held in Lucknow from February 10 to 12.
Over the past few months, the state has amended several policies to attract private investment and improve its ‘ease of doing business’ score. The amended policies provide a gamut of incentives to private investors in the form of subsidies and stamp duty waivers.
The GIS is likely to be inaugurated by Prime Minister Narendra Modi even as UP is targeting investment to the tune of Rs 17 lakh crore at the big-ticket event.
The state has secured investment proposals worth over Rs 1.2 trillion so far, riding on the success of road shows. The government is taking steps to harness UP’s vast potential in the hitherto untapped tourism spheres such as eco-tourism, spiritual tourism, wellness tourism, religious tourism, etc.
Besides, the Yogi Adityanath government is looking to promote UP’s soft power during the G-20 conferences and events in the state to showcase its rich culture, heritage, cuisine and string of tourist attractions.
UP Urban Development Minister AK Sharma said the G-20 events would provide an ideal opportunity to the state to upgrade its basic infrastructure facilities to not only host these prestigious meetings but tap the tourism potential and expand the investment basket.
Apart from big cities, the government is focusing on smaller towns, including centres of religious importance, including Varanasi, Mathura, Vrindavan, Mirzapur, Chitrakoot etc.