Narendra Modi to inaugurate UP Investors' Summit 2018

Yogi government eyeing investments to tune of Rs 1,00,000 crore

Prime Minister Narendra Modi is likely to inaugurate Uttar Pradesh Investors’ Summit in February 2018, which is aimed at promoting ‘Brand UP’ and attracting investments worth Rs 1,00,000 crore.

Modi would be accompanied by several union ministers to provide the much needed bench strength to UP chief minister Yogi Adityanath. Invitations are also being sent to the PMs of a few friendly neighbouring countries.

The high ticket event is proposed here during 21-22 February, in which about 5,000 investors, industrialists, businessmen and industry stakeholders are expected to congregate from across India and the world. Besides, ambassadors of several countries are likely to arrive during the two day event.

UP industries minister Satish Mahana has directed the state officials to prepare for the big day on a war footing. The government is giving a massive facelift to Lucknow for the summit to cash in on the opportunity to showcase UP as an ideal investment and tourism destination.

This is the first such mega event to be held in the state capital, since investors’ summits were earlier held at Agra under the previous Akhilesh Yadav regime.

To give momentum to the investors’ summit, the Yogi government is holding road shows in six major cities of the country. One such event was recently held at New Delhi recently.

“The Investors’ Summit is an opportunity to launch UP as an industry hub,” Mahana told officials today while reviewing preparations of the summit. He stressed the state should aim at getting maximum number of Memoranda of Understanding (MoU) during the summit and later converting them to actual investments.

Three partner countries viz. Netherlands, Mauritius and Finland would also participate in the summit.

Of late, the Yogi government has speeded up implementation of new policies in all the key sectors, including industry, food processing, tourism etc. Pharmaceutical apart from about a dozen other policies are in the pipeline to be finalised and put before the state capinet for approval.

The government is identifying land in each of the 75 UP districts for setting up industrial units and allocating them to investors on demand.

The Yogi government would also showcase UP as an ideal destination for domestic defence manufacturing. India is projected to incur 250 billion dollars on defence procurement over the next decade. Modi wants India to shed the tag of the world's largest arms importer by encouraging foreign firms to collaborate with Indian players and manufacture defence wares in the country itself with a related policy already rolled out.

During earlier Mayawati and Akhilesh Yadav regimes, MoUs worth over Rs 50,000 crore were signed, however, most of the proposals never took off due to sloppy follow ups, policy flip flops and perception of bad law and order in the state.