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UP Global Investors Summit: Investment proposals have potential to help remove regional disparities
A district-wise break of the investment proposals received indicates that Gautam Buddha Nagar received investment proposals of ₹7.85 lakh crore (27.14% of total investment) followed by Agra with investment proposals of ₹2.18 lakh crore (7.54% of total investment), Lucknow with investment of ₹1.96 lakh crore (6.79%)
The UP Global Investors Summit-2023 that has attracted investment proposals of ₹33.50 lakh crore will help the state in removing regional disparities, besides setting a record of sorts that other states may find difficult to achieve in the coming months or years.
Chief minister Yogi Adityanath himself indicated this in his address when he said investment in Uttar Pradesh earlier used to mean investment in the national capital region (NCR) of the state.
“This is for the first time that the investment proposals have been received for all the 75 districts of Uttar Pradesh,” Yogi Adityanath said at the valedictory session of the UPGIS-2023 here on Sunday.
A district-wise break of the investment proposals received indicates that Gautam Buddha Nagar received investment proposals of ₹7.85 lakh crore (27.14% of total investment) followed by Agra with investment proposals of ₹2.18 lakh crore (7.54% of total investment), Lucknow with investment of ₹1.96 lakh crore (6.79%), Gorakhpur with investment of ₹1.71 lakh crore (5.93% ), Varanasi ₹1.37 lakh crore (4.75% ). Other districts with investment proposals of above ₹ 1 lakh crore include Jhansi with ₹1.35 lakh crore (4.70% of total) and Ghaziabad with
₹1.05 lakh crore (3.66% of total investment).
If the credit deposit (CD) ratio, an important indicator of economic activity in a district, is taken into account, the disparities in various districts become more evident. The district-wise figure of CD ratio (according to State Level Bankers Committee website with figures till June 2022) indicates that seven out of 75 districts of the state have CD ratio of less than 40%.
Uttar Pradesh minister for finance Suresh Khanna, at another session at the UPGIS-2023, urged the bankers to work to lift the state’s CD ratio to 60%. He said during the tenure of the Yogi Adityanath government, the CD ratio had jumped by 7% and needed to be taken to above 60%. Senior leaders of major banks speaking there admitted that U.P’s CD ratio would cross the 60% mark and go much higher if only a part of investment proposals (20%) were implemented on the ground.
The districts having less than 40% CD ratio include Ballia (36.93% ), Deoria (32.93% ), Siddharth Nagar (37.89% ), Azamgarh (26.04% ), Ghazipur (35.15% ), Jaunpur (32.15%) and Mau (34.27%).
All the seven districts are situated in eastern Uttar Pradesh, a region that UP has continued to remain backward over the years. These districts too have received investment proposals now. While Jaunpur received investment proposals of ₹45,257 crore, Ballia got ₹1729 crore and Deoria ₹1595 crore.
Siddharth Nagar got ₹650 crore, Azamgarh ₹2214 crore Ghazipur and Mau ₹2260 crore and ₹2705 crore, respectively.
Giving a breakup of the investment proposals, Yogi said investment had also been made in east UP and Bundelkhand - the two backward regions of Uttar Pradesh. He said out of investment proposals of ₹33.50 lakh crore, eastern UP received ₹9.54 lakh crore and Bundelkhand ₹4.27 lakh crore.
Uttar Pradesh’s investment figures at the summit are also higher than those received by Madhya Pradesh, Karnataka, Rajasthan and others that held investors summits in recent months.
