उत्तर प्रदेश लाइफस्टाइल

Uttar Pradesh Soaring to New Heights

Written by Vaarta Desk

Yogi Adityanath changing the face and destiny of Uttar Pradesh

UP now the most favorable destination for foreign investment

Since Chief Minister Yogi Adityanath took charge, Uttar Pradesh has become synonymous with one word and that is development. In the past seven years, the state has emerged as an exemplary example of India’s growth and prosperity on global platforms attracting investments and opening new doors of opportunities for both the people and investors. Right from good governance and a zero tolerance approach to crime and corruption to substantial progress in infrastructure development and implementation of investor-friendly policies, the state government has done exceptional work that has placed Uttar Pradesh on the fast track of economic development.

The state has emerged as the second largest economy of the country. In terms of GDP, the state which stood at 5th position in the country is currently at the second position. Moreover, in Ease of Doing Business ranking, the state has jumped to the second spot in the country in 2018 from the 14th rank in 2017. This underscores the state government’s commitment in making Uttar Pradesh a preferred investment destination in the country.

In line with Prime Minister Narendra Modi’s visionary approach of ‘reform, perform, transform,’ Uttar Pradesh has successfully positioned itself as the growth engine of New India. The state government has set a target of becoming a trillion dollar economy and serious efforts are being made in this direction.

This commitment was showcased in UP Global Investors Summit (GIS) held in February 2023 which received total investment proposals over Rs 38 lakh crores across diverse sectors such as renewable energy, electronics manufacturing, real estate, logistics & warehousing, electronic vehicle manufacturing, food processing, tourism and more. This surge in investments has a potential to generate more than 1 crore job opportunities, laying the foundation for a promising future for the state.

In tandem with these efforts, the state government undertook proactive measures to enhance its global and domestic outreach. International roadshows were organised in 21 cities of 16 countries, while domestic roadshows at 10 different locations within the country. A total of 75 roadshows were conducted in each district of the state, creating a widespread and inclusive outreach.

For the first time in history, the international high-pulsating event Moto GP was held somewhere outside Europe and that too in Uttar Pradesh. It ushered in a new era of sports tourism in the country. The event held in Greater Noida saw a footfall of more than 1 lakh people from India and around the world and did a record business of ₹962 crore. Additionally, the first international trade show was held in Greater Noida with an aim to provide a global platform for entrepreneurs, manufacturers and exporters from diverse sectors such as IT/ITES, MSME, education, agriculture, health, tourism, culture, and ODOP.

The state government’s proactive approach towards implementation of policies has played a major role in attracting investors to the state. Several prominent international investors, including Samsung, Pepsico, Uber, DP World, Sify, Lulu Group, Haier, and others, have chosen to expand their business operations in Uttar Pradesh.

To ensure Ease of Doing Business in Uttar Pradesh, the state government has implemented over 25 sectoral policies. In order to attract Foreign Direct Investment and Fortune Global and India – 500 companies to the state, recently, Uttar Pradesh rolled out a dedicated FDI policy. The policy offers lucrative incentives such as front-end land subsidy upto 80%, capital subsidy upto 35% and Net SGST reimbursement. Days after implementing the new FDI policy, Japanese company Fuji Silvertech Concrete Pvt Ltd became the first company to get subsidy under the policy. The entire process of providing subsidy to the Japanese investor was completed in a record time of three days. The company has been allotted 20 acres of land in Yamuna Expressway Industrial Development Authority area near the upcoming Noida international Airport in Jewar.

The state government demonstrated its commitment to fostering economic growth and attracting investments by organizing a four-day trade fair in Gorakhpur. This initiative aimed to showcase the region’s potential and opportunities, inviting businesses and investors to explore and contribute to the expanding economic landscape of Uttar Pradesh. With a focus on diverse sectors and economic development, this event served as a catalyst for forging partnerships and encouraging sustained investment in the growing region of Gorakhpur. The state government is also developing the Bundelkhand Industrial Development Authority (BIDA) on the lines of Noida to spur industrialisation in the area.

Through careful planning and seamless execution, the Government of Uttar Pradesh is strategically developing an extensive network of connectivity in roads, railways and air effectively linking even the remotest regions of the state to mainstream commerce, enabling new opportunities for investments and employment.

Infrastructure and connectivity has been of paramount importance to the state government. In the recent years, Uttar Pradesh has emerged as the only state to have 5 international airports, the first inland waterway, first regional rapid transit system and the state with maximum number of cities connected with metro rail services. 40% of the total expressway network of India is also in UP. All these factors have made UP the ideal destination for business, attracting investments and generating employment even in the remotest regions of the state.

Earlier entrepreneurs had to run from pillar to post for getting NOCs and permissions. To stop this practice and to provide hassle-free environment for investors coming to the state, a single window clearance system – Nivesh Mitra – has been introduced to provide necessary permits and certifications. Nivesh Mitra stands as one of the largest single window portals of the country, boasting over 8.8 lakh registered users. Offering services related to more than 454 licenses across over 37 departments, the portal has processed over 13 lakh applications for NOC/licenses in the last four years, with a remarkable 97% success rate. In addressing grievances, Nivesh Mitra has proven its efficacy, with a total of 54,380 grievances registered on the platform. Impressively, 93% of these grievances have been successfully resolved, underscoring the portal’s commitment to efficient and responsive governance. Nivesh Sarathi, the investor relationship management system is another crucial step towards enabling investors and entrepreneurs in the state to revert to the incentives online. At the Nivesh Sarathi portal, Uttar Pradesh has attracted 26869 investment intents worth Rs 38.22 lakh crores in 2023. Of this, 10,441 projects amounting to over Rs 7.5 lakh crores are in advanced stages of implementation.

UP’s transformative journey under our Hon’ble Chief Minister Yogi Adityanath’s leadership signifies not just regional progress but a significant contribution to India’s economic landscape. The state’s emphasis on infrastructure development, strategic policies and commitment to a business-friendly environment positions Uttar Pradesh as a powerhouse driving India’s economic expansion.

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Vaarta Desk

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