Uttar Pradesh is the first state in the country to introduce FDI and Fortune Global 500 policy, and in the last four years, the state has attracted four times the FDI it did in 17 years.
Addressing an FDI conclave titled ‘UP: An Emerging Destination for Foreign Investment in India’ on the second day of the fourth edition of ground-breaking ceremony (GBC@4) in Lucknow on Tuesday, Chief Minister Yogi Adityanath emphasised on the significant transformation Uttar Pradesh has undergone in the past six to seven years.
“This is the new Uttar Pradesh of new India, and ‘Viksit Uttar Pradesh of Viksit Bharat’,” he said.
The CM reflected on the state’s evolution, stating, “Seven years ago, Uttar Pradesh was labeled as a BIMARU state, perceived as a hindrance to the nation’s progress. However UP has shed this label today and emerged as a state of unlimited potential.”
He elaborated, “We possess ‘prakrati’ (nature), ‘parmatma’ (God), and ‘pratibha’ (talent). Through this confluence, we are propelling Uttar Pradesh forward under the guidance and leadership of Prime Minister Narendra Modi. Over the past seven years, we have accomplished significant milestones, including doubling the state’s economy and per capita income.”
During the conclave, the chief minister, along with Union ministers and other dignitaries, released a booklet. A short film illustrating Uttar Pradesh’s transformation was also screened at the event.
Yogi assured that the state government was fully committed to meeting the targets set by the prime minister within specified timelines. “Aligned with the prime minister’s directives, we are determined to propel UP as the growth engine of India,” he said.
Reflecting on Uttar Pradesh’s turnaround from its BIMARU label, the chief minister credited the prime minister’s “visionary leadership” as the catalyst.
“We embraced the prime minister’s vision as our mission, implementing targeted policies across various sectors and fostering a conducive environment marked by exemplary law and order,” he explained.
The tangible outcomes of these efforts are evident, with Uttar Pradesh now emerging as the second-largest economy in the nation, jumping from its previous sixth position. Additionally, the state has become a ‘revenue surplus’ state and earned the distinction of being the first to introduce FDI and Fortune Global 500 policy.
Yogi highlighted a significant achievement, noting that between 2019 and 2023, Uttar Pradesh attracted four times the amount of Foreign Direct Investment (FDI) compared to the cumulative FDI received from 2000 to 2017 over a span of 17 years. “This remarkable increase underscores the confidence investors have in Uttar Pradesh, attributable to its secure environment and transparent government policies,” Yogi said.
Citing examples, the chief minister noted that the esteemed Fortune Global 500 companies such as Samsung, Microsoft, LG, PepsiCo, Nayara Energy, Reliance Industries, Tata, Hindustan Unilever, Haier, and Ikea were actively expanding their operations in Uttar Pradesh.
“The success of the Global Investors Summit (GIS) 2023, which garnered investment proposals totaling US$ 400 billion further underscores Uttar Pradesh’s status as a premier destination for FDI. To facilitate and encourage investment, the government has formulated policies offering exemptions in various areas such as land-capital subsidy, stamp duty, registration, and electricity duty. UP has thus emerged as an enticing prospect for Fortune Global 500 companies seeking growth opportunities,” he added.
Inviting investors from both domestic and international arenas, the chief minister extended assurances of a secure investment environment and urged them to capitalise on the state’s facilitative measures.
The chief minister underscored a significant initiative undertaken by Uttar Pradesh, aimed at simplifying bureaucratic processes that were previously cumbersome and time-consuming. He highlighted the implementation of ‘Nivesh Mitra’ single-window portal, which now serves as a dedicated platform for investors.
The portal is monitoring MoUs to ensure investor satisfaction. The incentive monitoring system for investors is working effectively in UP.