GIS 2023: UP Flexes Its Economic Prowess

Advantage UP

In his inaugural address at the GIS 23 event, Prime Minister Narendra Modi said, “If India is considered a ‘bright spot’ on the globe, Uttar Pradesh is playing a leadership role in driving India’s growth, adding, “there has been improvement in every field in the state in 5-6 years from electricity to connectivity.”

During the three-day summit, a total of 19,250 Memorandum of Understanding (MoUs) for investment intents, worth Rs 34.09 lakh crore, were signed by the UP government.This mammoth participation of ten country partners, more than 1,000 foreign delegates from 40 countries, four ministers from partner countries, 17 Union ministers, five ambassadors/high commissioners and some 25,000 delegates was the biggest achievement of the Investors Summit. CM Yogi said that the successful events of the Global Investor Summit (GIS) and G20 meetings have given recognition to a new Uttar Pradesh across the world and that will pave the way for making the state the biggest economy in the country. In her address at the summit on the concluding day, President Droupadi Murmu, said that the state is “capable and ready” to become India’s growth engine.

Wooing Investors with Facilitation

“The youth of the state will no longer have to go elsewhere seeking job as these investments would create job opportunities for them in their own villages,” said CM Yogi, who is going all out to build a bright future for youth and the up-coming generations of the state. According to estimates by 2026, the median age of Uttar Pradesh’s population would be 26.85 years, the highest in the country. It has potential of creating a huge young workforce to cater to the industrial and services needs of the state.

“UP Government will be appointing Udyami Mitras (friends of entrepreneurs) soon for the implementation of Rs 34.09 lakh crore investment proposals received through the UP Global Investors Summit-2023,” stated Yogi Adityanath. The 105 Udyami Mitras will be appointed on a one-year contract to begin with by Invest UP under the Mukhya Mantri Udyami Mitra Yojana. Seventy of these posts will be for the districts, 10 for the Invest UP office and headquarters, and 25 posts for working with various industrial development authorities. Candidates knowing a foreign language will be given preference and will be paid an honorarium and allowances of Rs 70,000 per month each.

Assuring that ministers and officials would work in tandem to implement all the investment proposals in a systematic manner, the Chief Minister added that the state works on Prime Minister Narendra Modi’s “mantra” of “reform, perform and transform.”CM Yogi said that transparent single-window systems such as “Nivesh Sarathi”, “Nivesh Mitra”, “Mukhyamantri Udyami Mitra” and “Incentive Monitoring System” were created to assist entrepreneurs from the stage of signing agreements to getting their investment implemented on the ground. “With all this and “good law and order situation,” people were attracted to invest in the state and that possibilities in Uttar Pradesh are limitless. He emphasised, “the compassion of the Prime Minister is helping in furthering industrial investment. In the last nine years, India’s respect has increased in the whole world under the leadership of Prime Minister Modi…,” adding that the global community sees Uttar Pradesh as the “best investment destination”.

The UP government is set to remove every road-block for investors to make a beeline for the state and this was amplified by Yogi Adityanath said, “The state government is committed to making Uttar Pradesh a developed state of a ‘new India’ and the largest economy of the country”. He emphasised that Uttar Pradesh will become a trillion dollar economy and the state is working with the aim of making it the biggest economy in the country.

Investment Implementation Expedited

Uttar Pradesh Chief Minister Yogi Adityanath directed officials to constitute an investment implementation unit for monitoring and implementation of investment proposals received and to depute a nodal officer for every Memorandum of Understanding (MoU) signed.To expedite private projects proposed at the recent GIS, the UP government has prepared to auction off almost 635 hectares. The land, equalling nearly 888 Olympic soccer stadiums, has been identified in the urban pockets for allotment to investors. To supplement the need for industrial land, the state will not only allot fresh land but also utilise the expansive plots of defunct government-owned industrial units across 75 districts of UP, according to reports. Moreover, the government will acquire swathes of land close to expressways for setting -up various industrial projects like toy-park, medical device park, film city, and electronic city.The nodal land acquisition bodies in Uttar Pradesh that will undertake to cater to the investor need of land for implementing their respective projects will be the UP State Industrial Development Authority, Noida, Greater Noida and Yamuna Expressway Industrial Development Authority. Meanwhile, the state government is preparing to host a mega ground-breaking ceremony (GBC) in August 2023 to launch the first batch of projects conceived at the GIS.

Reposing Trust in UP Government

The significance of GIS 23 was that it attracted investors from across a wide spectrum of industries e.g., in sports, Rugby India signed an MoU to take the sport to selected regions, MotoGP Bharat committed to organising the world championship in Lucknow, with a proposed investment of 1473 crore that will generate jobs for 500 people.

At the GIS, Mukesh Ambani, Chairman of Reliance Industries Limited, is said to have mentioned that the “golden period” of UP has begun. He announced an investment of Rs 75,000 crore in UP in the coming four years. About one lakh new jobs are expected to be created by croreTextilethis investment. In his address at the inaugural session of the GIS, renowned industrialist Kumar Mangalam Birla praised Chief Minister Yogi Adityanath, calling him “UP yogi”.

The British Minister of State for Defence Procurement said that the United Kingdom will invest in defence, aerospace and medical sectors in Uttar Pradesh. Speaking at the United Kingdom Partner Country/Defence session held during the summit, Alex Chalk, said, “Uttar Pradesh is playing its role on a large scale under the ‘Make in India’ campaign towards meeting India’s defence needs and our contribution in this role will be in many areas including investment as well as manufacturing of strategic and tactical weaponry. With this, Uttar Pradesh will be able to meet the defence needs of India.”

CM Yogi responded, “Defence and aerospace is our top priority among the 25 sectors identified to give a flight to development in the state. We are taking this forward with the Government of India for embarking on the path of rapid development. The state government has also issued its policy regarding defence and aerospace and is working to advance the possibilities so that it can emerge as a hub in this sector.” While highlighting that the UK, as a partner country, has contributed to GIS not only in the field of defence and aerospace but also in the field of food processing, CM Yogi assured that the investors will get full cooperation from the state government in carrying their projects forward. During the session, 6 UK companies pledged investment in the state and presented their respective proposals.

Sectoral Investment Intent

A surprise element in the choice of sector for investment by investors at the GIS was enhanced interest given to “Renewable energy”, a fledgling sector which attracted maximum investment intents, replacing “electronics manufacturing”, which conventionally has been the top sector of investment in the state.

District Dynamics

Gautam Budh Nagar (Noida) district got 27 per cent (Rs 7.85 lakh crore) of the total investment intents, Agra 8 per cent (Rs 2.1 lakh crore), Ghaziabad 3.66 per cent (Rs 1 lakh crore), and Aligarh 1.65 per cent (Rs 47,000 crore). Other districts that contributed to Purvanchal rising share were Sonbhadra, which got 2.57 per cent of the intents (Rs 74,000 crore), Mirzapur 2.21 per cent (Rs 64,000 crore), Prayagraj (Rs 53,000 crore), Ayodhya and Jaunpur about Rs 45,000 crore investment intents each.

Record industrial investment has flowed into underdeveloped areas such as Bundelkhand and Purvanchal. CM Yogi said, “Investment proposal worth Rs 9.54 lakh crore and Rs 4.28 lakh crore have been received for the state’s Purvanchal and Bundelkhand regions.”

Excerpts from PM’s Inaugural Speech at GIS 2023

Don’t forget that the state in which you are present today has a population of around 25 crores. Uttar Pradesh alone has more potential than even the major countries of the world. Like the whole of India, today a huge aspirational society is waiting for you in UP.

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I am happy that today UP is emerging as a new champion for developing new value and supply chains. A very strong network of MSMEs, industries linked to tradition and modernity, is vibrant in Uttar Pradesh today. There are Bhadohi carpets and Banarasi silk. UP is textile hub of India because of Bhadohi Carpet Cluster and Varanasi Silk Cluster. Today, more than 60 percent of mobile manufacturing in India happens in Uttar Pradesh alone. Maximum manufacturing of mobile components is also done in UP. Now one of the two defense corridors of the country is being built in UP. The work on the UP Defence Corridor is going on at a rapid pace.

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There are many possibilities in Uttar Pradesh in the Dairy, Fisheries, Agriculture and Food Processing sectors. There is a lot of diversity in Uttar Pradesh regarding fruits and vegetables. This is a sector in which the participation of the private sector is still very limited. You would be aware that we have come up with the Production Linked Incentive (PLI) scheme for food processing. You must take advantage of this scheme.

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There cannot be a better partnership than this. There is the double engine government’s intention on the one hand and Uttar Pradesh brimming with possibilities on the other hand. We should not waste this time. The prosperity of the world lies in the prosperity of India. The bright future of the world is guaranteed in the bright future of India. Your participation is very important in this journey of prosperity. May this investment be auspicious and bring good fortune to everyone. With this wish, many best wishes to all the investors of the country and the world who have come forward for investment. And being an MP of Uttar Pradesh, I assure you that the government and the bureaucracy of Uttar Pradesh have set out on the path of progress with determination to make your dreams come true. With this belief, I once again welcome the investors of our country and abroad to the land of Uttar Pradesh.

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