The incumbent Akhilesh Yadav government in Uttar Pradesh (UP) has overtaken the previous Mayawati dispensation in securing more private investment during the first four years of their respective regimes.
Private investment under the incumbent Akhilesh Yadav government in Uttar Pradesh has more than doubled in the past four years compared to Mayawati’s regime.
Under the Akhilesh rule (April 2012-January 2016), the state reported total private investment worth over Rs 25,081 crore vis-à-vis Rs 10,773 crore during the Mayawati regime (April 2007-March 2011).
However, these are actual figures and not inflation adjusted. Yet, the additional flow of investment to the tune of Rs 14,308 crore during the current Akhilesh dispensation more than makes up for it.
Akhilesh had taken over as the UP CM on March 2012, while his predecessor Mayawati had assumed office on May 13, 2007.
According to UP infrastructure and industrial development principal secretary Mahesh Kumar Gupta, while projects worth Rs 25,081 crore had already implemented in the state, projects with investment of Rs 78,681 crore were also in the pipeline.
He said during the last four years, industrial units and enterprises numbering almost 1.70 lakh had been set up across UP providing direct and indirect employment to nearly 1.50 million people.
Interestingly, projects worth almost Rs 60,000 crore were proposed during the first four years of the Mayawati rule, but the actual investment flow stood at merely Rs 10,773 crore, indicating a poor conversion ratio of about 17 percent.
A recent World Bank report on ‘Ease of Doing Business’ in India, UP was ranked amongst the top 10 states and first amongst the Northern states.
Gupta said all industrial services had now been included in the Janhit Guarantee Act 2011 to ensure timely issuance of clearances. Besides, process was underway to provide online common application form to entrepreneurs with investment proposals of Rs 50 crore and more under the single table system of Nivesh Mitra.
“The system is being upgraded to issue all clearances online along with one-time payment of fee through web-enabled system to obtain approvals for setting up of enterprises,” he informed.
The government has announced new policies in all the major sectors and is trying to rope in UP origin Non Resident Indians (NRI) to invest in UP.