Gautam Adani, Asia’s richest man, announced an investment of Rs 70,000 crore in Uttar Pradesh, promising 30,000 jobs. Attended by who’s who of the business world, the third UP investors’ summit saw Prime Minister laying foundation stone of 1406 projects worth more than Rs 80,000 crores on the occasion and investments accruing from a number of top business houses. The summit reflects the growing confidence in the remarkable growth story of Uttar Pradesh and is promising to create new possibilities in the state. India retaining the fastest growing country of the G20, further bolsters the confidence of the business community, promising huge investments in a state, which has huge potential, bolstered by much improved law and order situations and conducive business policies of the state government. The sectors inviting investments include agriculture and allied services, IT and Electronics, MSME, manufacturing, renewable energy, pharma, tourism, defence & aerospace, handloom and textiles among others.
The allocation of unprecedented capital expenditure of Rs 7.50 lakh crore in this budget of UP, presented just a few days earlier, is something, that gives out strong message to the investors, paving way for strong infrastructural and manufacturing growth among others. The confidence building law and order situation in the state has created a proper atmosphere for industry. The increased capability and potential of the administration and government of the state has helped a lot create a conducive atmosphere for the industries to invest. With 1100 KM of Ganga river covering 25-30 districts, UP creates huge opportunities for chemical-free natural farming corridor on both sides of the river, which may prove to be a golden opportunity to invest in the agriculture sector. Defence corridor in the state does have the potential to act as a harbinger of new opportunities.
The growth story of India continues with it being the third largest energy consumer country in the world, which reflects the growing economic activities in the country. In 2021, despite Covid-19 pandemic, India recorded FDI of $84 billion coming from more than 100 countries of the world along with creating a new record by exporting merchandise worth more than 30 lakh crore rupees, which helps a state with conducive business atmosphere. The mantra of ‘Reform-Perform-Transform’ for last 8 years lays the very foundation of policy stability, emphasis on coordination, effective execution and ease of doing business. Revolutionary initiatives like One Nation-One Tax GST, One Nation-One Grid, One Nation-One Mobility Card, One Nation-One Ration Card reinforce investors confidence, amply supported by the solid and clear policies of the state government. Steps like modern powergrid, gas pipeline, multi model connectivity, record number of expressways, strengthening of connectivity of economic zones, modern railway infrastructure, eastern and western dedicated freight corridor – all are converging in Uttar Pradesh with a promise to give a new push to its development.
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