Taking a cue from the Gujarat government which has been successfully showcasing the state as the most preferred investment destination in the country and reaching out to investors from across the globe through the biennial Vibrant Gujarat Summit, the Uttar Pradesh government recently organized an investors’ conclave in New Delhi. The primary objective of the event was to increase investments in the infrastructure and industrial sectors.
Surprisingly, despite the state’s abysmal infrastructure and poor law and order situation, the conclave witnessed the signing of MoUs by 23 companies proposing a total investment of Rs. 54,606 crore.
The companies that inked MoUs included Essel (Rs. 20,000 crore), Reliance Jio (Rs. 5,000 crore), ITC (Rs. 2,100 crore), Amity (Rs. 2,000 crore), Fortis (Rs. 1,150 crore), River Engineering (Rs. 350 crore), Sonalika (Rs. 200 crore), Uflex (Rs. 4,000 crore), JVL Agro Industries (Rs. 2,200 crore), Shree Cement (Rs. 550 crore), Azure Power (Rs. 800 crore), KRIBHCO (Rs. 150 crore), Ultra Fairwood (Rs. 220 crore), UP Food and Logistic Park (Rs. 626 crore), Reekriti Food Park (Rs. 200 crore), Samprash Foods and Beverages Marketing (Rs. 60 crore), Duncan Goenka Group (Rs. 100 crore), Yashoda Hospital (Rs. 2,000 crore), Paswara (Rs. 250 crore), Mathura Refinery (Rs. 8,000 crore), Hindustan Paper Mills (Rs. 4,000 crore), GAIL (Rs. 500 crore) and Modern Overseas (Rs. 150 crore).
Speaking at the event, Chief Minister Akhilesh Yadav said that his government intended to resolve all issues facing investors through the conclave. He added that issues related to power, land and security as well as others that impacted the industrial sector would be resolved by his government in a time bound manner. With regard to the power crisis facing the state, the Chief Minister said all efforts were being made to improve the situation so that industries could get 24 hours power supply. He pointed out that the road network in the state was being expanded to improve accessibility and facilitate transportation. Given the state’s large consumer market, there were unlimited opportunities for investments, he said.
The conclave was attended by diplomats from Canada, Netherlands, Turkey, Poland, Taiwan and Italy who held discussions with the Chief Minister on the possibilities of investing in the state.