UP bags investments worth Rs 4.28 lakh crore on Day 1

Tribune News Service

Lucknow, February 21 

Prime Minister Narendra Modi today announced a Rs 20,000-crore defence industrial corridor in Bundelkhand region to bring development in one of the most backward regions of Uttar Pradesh.

“Of one of the two defence industrial corridors mentioned in the Budget, one is proposed in the Bundelkhand region. It will bring an investment of Rs 20,000 crore and generate employment avenues for 2.5 lakh people,” he said after inaugurating the UP Investors Summit 2018 here.

Complimenting the Yogi Adityanath government for giving a push to employment-oriented schemes, the Prime Minister described the UP government’s recently launched “one district, one product” scheme as a potential “game changer” for developing a holistic ecosystem for promotion of traditional handicrafts.

He said linking the vision to various Central schemes such as skill development, Stand-Up and Start-Up India along with Mudra loans will help upgrade traditional local crafts to function as modern MSMEs.

Underlining the need for value addition in every sector in the state, Modi pointed out that despite being top producer in the country in wheat, sugarcane, potato and milk and number two in vegetables and fruits, the state had not seen the kind of prosperity as there had been little value addition.

Launching the ‘Nivesh Mitra Portal’, Modi said instead of ‘red tape’ investors will now get ‘red carpet’. 

He also challenged the UP government to compete with the Maharashtra government’s pledge taken at their investment summit two days ago to make it a trillion dollar economy.

“I would like to leave this idea among you. Let me see if you can become the first state to become a trillion dollar economy. You already have the foundation of 50 lakh MSMEs,” the Prime Minister said.

Earlier, Chief Minister Yogi Adityanath said his government was working towards ensuring the basic prerequisites for inviting investments such as ensuring law and order, dedicated power supply, better road connectivity and transport.

He said 1,045 pacts worth Rs 4.28 lakh crore had already been signed on the first day of the summit.

Among the captains of industry who were present and expressed willingness to invest were Reliance Industries’ chairman Mukesh Ambani, Adani Group chief Gautam Adani, Birla Group chairman KM Birla, Mahindra & Mahindra chairman Anand Mahindra among others.

Adani Group to pump in Rs 35,000 crore

• Reliance Industries’ chairman Mukesh Ambani promised an investment of another Rs 10,000 crore through Jio in the next three years. He said the investment will be over and above the Rs 20,000 crore Jio has already invested in the state 
• Adani Group chief Gautam Adani said they will invest Rs 35,000 crore in the state over the next five years in various sectors
• Aditya Birla group chairman Kumar Mangalam Birla promised Rs 25,000-cr investment over the next 5 years