After laying the foundation of industrial projects worth more than Rs 1.25 trillion over the past 15 months, Uttar Pradesh government is planning to launch additional projects totalling Rs 65,000 crore in December 2019.
UP chief minister Yogi Adityanath said projects worth Rs 65,000 crore were in pipeline and the government will decide the dates for holding their groundbreaking ceremony sometime in December.
“UP has emerged as a preferred investment destination over the past two and half years of our government.
The state offers the advantage of land bank, good connectivity and pro-industry policies to attract private investment,” he said addressing financial journalists here last night.
He claimed a Korean delegation, which had recently met him, was looking to invest almost Rs 60,000 crore in the state in different sectors, including infrastructure.
“Due to ongoing US-China trade war, foreign investors in China are exploring other countries to shift their business operations and India is poised to gain the maximum from this geopolitical development, especially after the recent corporate tax announcements by the central government,” he added.
Adityanath added UP stood to benefit the most in India due to the recent tax cut and the conducive business environment it offered to the private sectors for doing business.
“Both the Eastern and Western freight corridors pass though UP, while we are working on two greenfield international airports at Kushinagar and Jewar (Noida). UP offers abundant cheap labour apart from the country’s largest market for products and services,” he said while pitching the state as the emerging investment magnet in the league of Indian states.
He claimed investment worth Rs 2 trillion had already flowed under his regime even as he stressed on the ambitious target of UP touching the $1 trillion economy mark by 2024 concurring with Modi’s envisioning India as a $5 trillion economy in the next 5 years.
Adityanath said his government was focussing big time on the micro, small and medium enterprises (MSME) sector for spurring economic development and creating jobs. “MSMEs have the potential to generate large number of employment with minimum capital apart from boosting the state’s economy,” the CM said informing he had nudged banks to improve their credit deposit (CD) ratio in UP and provide easy lending to enterprises.
The CM said the state had accorded priority to the agricultural sector was working on bringing large swathes under irrigation for improving productivity and farm income. “So far we have brought more than 267,000 hectares under irrigation and with new canal projects underway, more than 1.4 million hectares of land would soon come under institutional irrigation network.”
The Adityanath government has identified priority sectors of infrastructure, industrial development, agro exports, urban development and human resources development as the key to putting UP in faster growth trajectory.