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After summit, implementing MoUs main challenge for Yogi government

The Yogi Adityanath government faces the challenge of implementing Memorandums of Understanding pledging an investment of Rs 4.28 lakh crore after conclusion of the two-day Uttar Pradesh Investors’ Summit, a UP minister said.

lucknow Updated: Feb 24, 2018 12:27 IST
Umesh Raghuvanshi
Umesh Raghuvanshi
Hindustan Times, Lucknow
Implementing MoUs,Yogi Adityanath,UP government
Chief minister Yogi Adityanath had said on the inaugural day of the summit that he would personally monitor the process to implement the MoUs.(Subhankar Chakraborty/HT Photo)

The Yogi Adityanath government faces the challenge of implementing Memorandums of Understanding (MoUs) pledging an investment of Rs 4.28 lakh crore after conclusion of the two-day Uttar Pradesh Investors’ Summit on Thursday, a UP minister said on Friday.

Minister for industry Satish Mahana said, “We have been able to change the perception about the state with a successful summit. Yet, holding a summit was not a major challenge. Our challenge will be to implement the MoUs. All the policies are in place. We need to sort out the MoUs, department wise and complete all the necessary formalities. We have begun this process today (Friday).”

Chief minister Yogi Adityanath had said on the inaugural day of the summit that he would personally monitor the process to implement the MoUs. Infrastructure and industrial development commissioner (IIDC) Anoop Chandra Pandey called senior officers on Friday and held discussions with them about the future course of action. Some investors, who stayed back to complete formalities to implement the MoUs, also met senior officers of the industry department to push ahead their proposal for investment.

Pandey said, “Chief minister Yogi Adityanath has asked us for expeditious implementation of the MoUs. We have begun the process. A department-wise list of all the MoUs is being worked out. We are holding a meeting of senior officers and formulating an implementation module. We will fix responsibility to ensure there are no lapses.”

A close watch will also be kept on the investors who have not been able to sign the MoUs despite showing an interest in investment in certain projects, officials said.

Speaking at the concluding ceremony on Thursday, Yogi had said besides the 1045 MoUs signed ahead of the summit for investment of Rs 4.28 lakh crore, the investors had also shown interest in additional investment of Rs 4 lakh crore.

A close scrutiny of the MoUs indicates that the state is likely to get maximum investment in the infrastructure sector. An investment of Rs 1,63,800 crore is expected from private sector in the infrastructure projects, according to data available with the UP government.

An additional investment of Rs 9,5860.31 crore for development of infrastructure is expected from the public sector companies.

The other major gainers include renewable energy (Rs 65,250 crore) and food processing (Rs 26715 crore).

Senior officers of the infrastructure and industrial development department remained tightlipped when asked about the projects linked to the additional investment. People familiar with the issue indicated that the MoUs will have to pass through different phases. These include the filing of formulation applications, allocation of land and granting of permissions.

“This is going to be a time consuming process. The state government has already formulated necessary policies. A list of land available in different districts is available and a sum of Rs 500 crore has been earmarked in the state budget for 2018-2019 to implement the (industrial investment) policy-2017 and grant incentives to investors,” people familiar with the matter said.

“An additional Rs 600 crore has been earmarked in the budget to provide incentives in accordance with the industrial investment policy that the Akhilesh Yadav government had brought in 2012,” they said.

The chief minister has already indicated that his government will ensure that necessary action on implementing the MoUs is taken in the next six months.

He said the team that worked round the clock to make the summit a success will not only be involved in implementation of the MoUs but a part of it will also be deputed to implement the One District One Product (ODOP) scheme launched ahead of the summit to brand and market products of all the districts of Uttar Pradesh.

First Published: Feb 24, 2018 12:27 IST