With the crucial 2019 Lok Sabha poll less than a year away, Prime Minister Narendra Modi is expected to lay the foundation of mega infrastructure and industrial projects worth over Rs 1 trillion in Uttar Pradesh.
The foundation of the bulk of these big ticket projects would be laid within the next 4-6 weeks with the remaining projects following suit in the coming months.
The prominent ones among the mega infra projects, whose foundation is likely to be laid by Modi, include Defence Corridor, Purvanchal Expressway and Jewar International Airport, which have been proposed in the Bundelkhand, Eastern UP and Western UP regions, respectively. The three projects viz. Defence Corridor, Purvanchal Expressway and Jewar Airport are estimated to cost Rs 200 billion, Rs 182 billion and Rs 157 billion, respectively, totally to Rs 539 billion.
Besides, the Yogi Adityanath government in Uttar Pradesh is also gearing up for launching private investment projects of almost Rs 550 billion in June and the state has already written to the PM’s Office (PMO) seeking Modi’s time for the unveiling ceremony. These projects are part of the total Rs 4.68 trillion worth of investment proposals netted by the state government at the UP Investors Summit 2018 that occurred on 21 and 22 February in Lucknow.
The Summit was also inaugurated by Modi, who had announced the setting up of the Bundelkhand Defence Corridor even as he had called upon Maharashtra and UP as to who amongst the two big states raced to become the first trillion dollar economy in India.
Earlier, the Yogi Adityanath government had announced that private investment projects worth Rs 250 billion each would be launched in March and April 2018 respectively. However, the plan could not take off owing to lack of adequate preparedness especially with regards to the availability of land, vetting of projects, statutory clearances etc.
Now, UP industries minister Satish Mahana has convened a high level meeting here on Wednesday with the private investors in preparation for the much awaited ‘ground breaking’ ceremony of these mega projects pertaining to different sectors.
Earlier, apparent funds crunch had forced the Adityanath dispensation to explore external funding route for the proposed Purvanchal Expressway project estimated at Rs 182 billion. The project was originally conceived to be funded through state budget on the lines of the Agra-Lucknow Expressway. Now, the government has decided to mop up about Rs 120 billion through external funding agencies, such as Asian Development Bank (ADB), Japan International Cooperation Agency (JICA), UAE sovereign fund etc.
The proposed 340 km expressway would traverse nine districts viz. Lucknow, Barabanki, Faizabad, Ambedkarnagar, Amethi, Sultanpur, Azamgarh, Mau and Ghazipur. Besides, the expressway would connect all important towns in its periphery viz. Varanasi, Ayodhya, Allahabad and Gorakhpur through link roads.