One Trillion Economy: UPSIDA receives investment proposals worth Rs 1 lakh crore

To make Uttar Pradesh a trillion-dollar economy as envisioned by CM Yogi Adityanath, the UP State Industrial Development Authority (UPSIDA) has attained a major achievement by receiving proposals worth over Rs 1 lakh crores from investors for setting up industrial units in various districts of the state.

Of these investment proposals, letters of intent (MoUs) worth Rs 83,000 crore have been signed. These MoUs will be finalized during the Global Investors Summit to be held in the state capital on February 10-12, 2023. It is worth mentioning that Chief Minister Yogi Adityanath has set a target of garnering domestic and foreign investment on a large scale in Uttar Pradesh through the Global Investors Summit.

Nine teams held meetings in 22 districts

Chief Executive Officer (CEO), UPSIDA, Mayur Maheshwari informed that the state government is making complete efforts to make Uttar Pradesh a trillion-dollar economy.

To achieve the target, nine teams of senior officials of UPSIDA were constituted. In the first phase, meetings were organised with investors and entrepreneurs in 22 districts of the state. MoUs were signed with the investors in the seminars to encourage investment. The investors have shown interest in setting up units in sectors such as food processing, textile, automobile, private industrial park, warehousing, paper industry, medical sector, biofuel, toy products, data centre, IT, electronics, among others.

Maheshwari further said that before the Global Investors Summit 23, a team of senior officials of the Authority will be constituted and investment conferences will be organized in other districts of the state as well. Along with this, continuous efforts are being made to generate maximum employment by promoting other investment policies of the government and making investments under such policies.

Numerous employment opportunities will be created

As the MoUs will take shape, numerous employment opportunities will be generated for the youth in Uttar Pradesh. Among the major MoUs that have been signed, approximately 10,000 people will get employment on setting up a private park in Ghaziabad with an investment of Rs 10,000 crores.

Similarly, about 1000 people will get jobs through a logistics and warehouse park in Gautam Budh Nagar by the Mobility Infrastructure Group with an investment of Rs 8000 crores. The Mega Leather Cluster Development (UP) Limited will provide employment to about two lakh people in Kanpur with an investment of Rs 6000 crores.

In Pratapgarh, about 50,000 people will get employment with an investment of Rs 9000 crores. In Sonbhadra, through an investment of Rs 3,000 crores by Gold Industrial Pvt. Ltd. about a thousand people will be able to get employment. In Lucknow, Welspun and Logistics Parks Pvt. Ltd. with an investment of Rs 2000 crores will also generate employment opportunities.

Similarly, numerous employment opportunities will be created in Agra, Ayodhya, Ghaziabad, Gorakhpur, Kanpur, Aligarh, and Surajpur through massive investment.

Land bank of over 15,000 acres ready

To make land available to the investors, a land bank of over 15,000 acres has been prepared by UPSIDA. Similarly, an investment of Rs 2000 crores has been proposed by Indian Corporation in Varanasi for setting up logistics and warehouses.

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The state government on Thursday increased the target of investment through the Global Investors Summit from Rs 10 lakh crore to Rs 17 lakh crore. For this, the previous investment targets of all the departments have also been revised. In this sequence, the investment target of UPSIDA has also been increased from Rs 70,000 crores to Rs 1 lakh crores. UPSIDA has received investment proposals worth Rs 80,000 crores even before the first target was revised. It is likely that this UPSIDA may further increase this figure till the Global Investors Summit in February.