UP set to be 1 trillion dollar economy: PM Modi

After launching 81 projects worth Rs 60,000 crore at a ceremony here, Prime Minister Narendra Modi on Sunday said that the state is all set to be a 1 trillion dollar economy.

The projects launched by the Prime Minister are part of 1,045 Memorandums of Understandings (MoUs) signed at the Uttar Pradesh Investors' Summit, held earlier in 2018.

Praising the speedy completion of the development work in the state, Prime Minister Modi called the event a 'record-breaking ceremony'.

He pointed out that investment was considered as a challenge earlier, but the organised function in the state proves the 'sheer speed in which Uttar Pradesh is progressing.'

"People are calling this event a ground-breaking ceremony. But I call this a record-breaking ceremony. The manner in which development works have been carried out in such a short span of time and old methods have been changed, was never seen before in Uttar Pradesh," said Prime Minister Modi, adding that the investments would generate around 2 lakh jobs in the state.

"UP is all set to be a 1 trillion dollar economy," he added.

He further hailed the undertaken projects and said that it would give a new direction to the central government's 'Digital India' and 'Make in India' initiatives.

He asserted that his government is working on 'Sabka saath, sabka vikas'.

"The nation is becoming a hub of mobile manufacturing for the world. Uttar Pradesh is leading this manufacturing revolution. More than 50 mobile manufacturing company are working in the state and the largest mobile manufacturing unit in the world has also been established here," Prime Minister Modi said.

Highlighting the importance of solar energy, the Prime Minister said that Uttar Pradesh is working on green energy and that the state is soon going to be a hub of solar energy.

Claiming that Rs 50,000 crore have been saved in electricity bills because of the LED bulbs set up in households under Ujala scheme, he said, "If I had announced a concession of this amount, 'Wah Wah Modi' would have been the headlines for a week."

He further said that he has urged the industry groups to form brainstorming teams to mull on ways to make an investment in agriculture.