UP Prepares for 3rd Groundbreaking Ceremony at Global Investors Summit

Hectic preparations have begun for the Global Investor Summit in Uttar Pradesh, which will pave the way for the state’s transformation into a $1 trillion economy.

The third inauguration ceremony will take place on June 3 with the presence of Prime Minister Narendra Modi and more than 60 giants from business and industry.

According to an official spokesperson, the prime minister will perform ‘bhumi pujan’ for around 2,000 projects worth Rs 75,000 crore during the ceremony.

Uttar Pradesh has cemented its reputation as an industry-friendly and investment-friendly state thanks to repeated investments by global giants in many sectors.

Over the past five years, sectors such as information technology and electronics, food and food processing, and infrastructure have seen massive investments from companies with global footprints.

The third GBC and investment ceremony marks a show of confidence by Indian and foreign industry and companies in the industrial environment created by the Yogi government over the past five years. While the Investor Summit held in February 2018 was followed by the first GBC, the second GBC was held in July 2019.

During the UP Investors Summit and GBC held in February 2018, 81 projects with planned investments worth Rs 61,800 crore were commissioned.

The second GBC held on July 28, 2019, saw 290 projects worth Rs 67,000 crore commissioned.

The third GBC is larger than the previous two with a higher planned investment.

In terms of number of projects, the top department is food processing, with 474 projects, worth Rs 4,118.39 crore as the sum of investment intentions.

However, in terms of value, the largest department is IT and Electronics, where the number of projects is 14, but the sum of investment intentions is a staggering Rs 20,587.05 crore.

In the computer and electronics sector, projects relate to the establishment of data centers, software development centers, computer centers and ITE. This indicates the preference of future companies for Uttar Pradesh as a suitable destination for IT and electronics projects.

Other departments with a large number of projects include: FSDA or Food Safety and Drug Administration (59), Tourism (23), Cooperative (24), Housing (23), Supplemental Energy Sources (20), Excise ( 13), textiles (12), livestock (6), higher education (4) and dairy products (3).

Among the enabler departments, UP State Industrial Development Authority or UPSIDA has the highest number of projects at 647, followed by NOIDA (47), UP Expressways Industrial Development Authority or UPEIDA (25), Greater Noida (17), Gorakhpur Industrial Development Authority or GIDA (14), Yamuna Expressway Industrial Development Authority or YEIDA (7) and Department of Infrastructure and Industrial Development or IIDD (3).

The huge interest shown in Uttar Pradesh by leading industrial houses in various sectors will go a long way in boosting the economy of the state and creating hundreds of thousands of job opportunities.



(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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