UP Global Investors Summit: Uttar Pradesh achieves over three times initial target for investment proposals
These investment proposals, when implemented, would lead to the generation of 92.50 lakh (9.25 million) job opportunities, chief minister Yogi Adityanath said at the UP Global Investors Summit on Friday.
With the U.P. Global Investors Summit-2023 (UPGIS-2023) attracting investment proposals worth ₹32.92 lakh crore, the state government has been able to achieve nearly double the revised target of ₹17.3 lakh crore and more than three times the initial target of ₹10 lakh crore for the event.
These investment proposals, when implemented, would lead to the generation of 92.50 lakh (9.25 million) job opportunities, chief minister Yogi Adityanath said at the UP Global Investors Summit on Friday.
In all, 18645 memorandums of understanding (MoUs) have been signed. These include investment proposals of ₹4.28 lakh crore received for the Bundelkhand region and ₹9.55 lakh crore for eastern Uttar Pradesh.
A region-wise breakup indicates that West U.P. received 45% of the total investment proposals, central U.P. and Bundelkhand regions got nearly 13% each and eastern U.P. 29%.
This indicates that the investment proposals, when implemented, may lead to development of the backward regions as well.
“With investment proposals worth ₹32.92 lakh crore, it can be said the UPGIS-2023 has been a grand success, no other state has probably got such a huge investment at a single investor summit. Both foreign and domestic investors have responded with great enthusiasm to invest in U.P. The challenge before the state government will now be to bring these investment proposals to the ground so that large investment results lead to increase in GSDP and employment generation,” said Professor Yashvir Tyagi, former head of department (HoD), Lucknow University.
Five industry leaders, who delivered their address before Prime Minister Narendra Modi at the inaugural session of the UPGIS-2023, indicated that the big business houses are making large investments and are also ready more in the state in coming years.
Aditya Birla Group chairman Kumar Mangalam Birla said the investors were taking note of changing Uttar Pradesh.
Uttar Pradesh has been making consistent efforts to give a boost to the GSDP (Gross State Domestic Product). The large investment proposals when brought to ground are bound to push the state ahead and help in making the state a trillion-dollar economy in five years.
The state government, at the instance of the chief minister, had sent eight teams abroad to hold international roadshows in 21 cities in 16 countries and these teams brought investment of about ₹7.12 lakh crore. The UPGIS-2023 has 10 partner countries. Diplomats from different countries had met Yogi ahead of the summit, committing that their country would invest or cooperate with the state.
This had already created a hype about the summit and the state government decided to hold domestic roadshows in major cities as well.
The chief minister himself led a roadshow in Mumbai in January that attracted investment of ₹5 lakh crore. The state government also organised divisional and district level summits and involved district officials and public representatives to involve local investors/entrepreneurs and this probably led to receipt of a record number of investment proposals. This is evident from the fact that out of over 18640 intents for investment received, nearly 16960 are from entrepreneurs investing up to ₹100 crore each.