In what appears to be a major achievement for Chief Minister Yogi Adityanath, against the target of Rs 17 lakh crore set for the Global Investors’ Summit-2023 (GIS-2023) scheduled for next month, Uttar Pradesh has received investment proposals worth around Rs 15 lakh crore while memorandums of understanding (MoUs) worth Rs 10 lakh crore have already been signed even ahead of the summit.
“In fact, the Yogi government has already achieved the previous target of Rs 10 lakh crore, which was later increased to Rs 17 lakh crore in view of the excellent response that the teams sent by Chief Minister Yogi to different countries received during roadshows and one to one meetings. With roadshows and investor summits yet to be held in various cities of the country, in divisional headquarters of the states, and many districts in the coming days, the target of Rs 17 lakh crore appears easy to achieve,” Industry Minister Nand Kumar Gupta ‘Nandi’ said here on Thursday.
“And if this happens, the historic feat will help UP make rapid strides towards realising Chief Minister Yogi’s resolve to make UP a $1-trillion economy by 2027 and the country's growth engine as per the intention of Prime Minister Narendra Modi,” he said.
After the stupendous response received by the delegations of UP in the roadshows held abroad, new targets were given by the state government to all the departments to garner investment. According to the information received till January 10, the government has signed MoUs worth Rs 9.10 lakh crore. Two departments of the state government have received the maximum investment through MoUs. The Department of Additional Sources of Energy had a target investment of Rs 60,000 crore. The department has signed MoUs worth more than 1.73 lakh crore, nearly three times more than the target. Similarly, UP State Industrial Development Authority (UPSIDA) got a revised target of Rs 1 lakh crore and it has succeeded in signing MoUs worth more than Rs 1 lakh crore.
A total of 37 sectors were identified for investment by the government. Of these, MoUs have been signed in 23 sectors. Till January 10, the Tourism department has signed MoUs worth more than Rs 38,000 crore. The department was given a target of Rs 40,000 crore. Similarly, the Energy department has signed MoUs worth more than Rs 75,000 crore against the revised target of Rs 1 lakh crore. Yamuna Expressway Industrial Development Authority (YEIDA) has secured investment MoUs worth more than Rs 57,000 crore against the revised target of Rs 80,000 crore. The Information Technology (IT) and Electronics department was given the highest target of Rs 1.60 lakh crore, against which it has obtained MoUs worth Rs 97,000 crore. The micro, small and medium enterprise (MSME) sector has secured MoUs worth Rs 55,000 crore and handloom and textile have also secured MoUs worth Rs 27,000 crore. The IIDD has also received MoUs worth Rs 53,000 crore.
According to the dashboard of the Nivesh Sarathi portal, the state government has received more than 8,000 investment proposals. Out of this, the state government has been able to convert more than 7,000 proposals into MoUs. Through these MoUs, 10 crore new employment opportunities are likely to be created in the state. Still, more than 1,400 investment proposals are in progress, whose total cost is Rs 3.76 lakh crore. If these proposals are also converted into MoUs, then more than 20 lakh employment opportunities will be created.
“When the target of Rs 10 lakh crore was set by the Yogi government for the Global Investors’ Summit, then many people found this target too high, though Chief Minister Yogi himself was confident that the major changes made by the government in all sectors would definitely bring investments to the state and it happened too. Today, investors not only from within the country but also abroad are excited to invest more and more in UP,” the minister said.
He said the investors were considering Uttar Pradesh as the most suitable and safe destination for investment. “Chief Minister Yogi prepared a roadmap with a strategy to reach this goal and following it, the state government has not only achieved that goal but has now taken steps towards achieving the new revised target as well,” he said.