Chief Minister Yogi Adityanath, on Wednesday, said that investments in Uttar Pradesh were entirely secure and profitable for businesses, with the state government guaranteeing the safety of investors’ capital.
He added that the risks undertaken and reforms introduced by the government coupled with robust policies and effective implementation have resulted in Uttar Pradesh emerging as a leading state in terms of ease of doing business.
Chief Minister Yogi made this statement during the inauguration of a new cement plant in Prayagraj by prominent Kanpur headquartered industrial house JK Group.
This plant’s production capacity of 20 lakh tonnes is a testament to the improved investment climate in UP.
The chief minister also highlighted the return of JK Cement, a once prominent industrial group in Uttar Pradesh which had lost confidence in the state and shifted its investments elsewhere, as an important development in UP’s history. JK Cement’s new plant in Prayagraj is the third of the company in Uttar Pradesh after Aligarh and Hamirpur.
The chief minister stated that after the formation of the double-engine government in UP in 2017, the JK Group initially spent three years assessing the government’s credibility. Once the results of the government'’ actions became evident, the JK Group committed to establishing three plants in Uttar Pradesh, with total investments of Rs 1,200 crore in Aligarh in 2020, Hamirpur in 2022, and Prayagraj in 2024.
Chief Minister Yogi highlighted that Uttar Pradesh now boasts an extensive network of railways, expressways and highways, enabling easy distribution of locally produced goods to other states. He further emphasised that Uttar Pradesh has become a top investment destination in the country.
JK Cement’s investment is significant, as it reinforces the industrial growth of the state without any industrial group feeling compelled to relocate.
In the past seven years, Uttar Pradesh has cultivated an investment-friendly environment, propelling the state from 14th place in ease of doing business in 2016 to second place in the country today.
Chief Minister Yogi remarked that Uttar Pradesh demonstrated how to successfully host an investor summit through Global Investors Summit-2023, attracting investment proposals exceeding Rs 40 lakh crore.
In February this year, Prime Minister Narendra Modi inaugurated the ground-breaking ceremony for projects worth over Rs 10 lakh crore. Many units have already commenced production, generating employment opportunities for thousands of youth.
The JK Cement Limited’s third Rs 400-crore cement manufacturing unit in Prayagraj will create at least 350 jobs.
UP’s Industrial Development Minister Nand Kumar Gupta ‘Nandi’, Minister of State for Industrial Development Jaswant Singh Saini, Chief Secretary Manoj Kumar Singh, Principal Secretary (Industrial Development) Anil Sagar, JK Cement Vice President Nidhipati Singhania, Managing Director Raghavpati Singhania, Deputy Managing Director and CEO Madhav Krishna Singhania, Assistant Vice-President Arun Sharma, MLA from Prayagraj Vachaspati, Vinod Prajapati and Anuj Khandewal along with other dignitaries were present in the programme.
