Rajat Sharma

How Yogi plans to make UP a $1 trillion economy

AKb (1)The sheer scale of investment proposals received by the Uttar Pradesh government at the ongoing UP Global Investors Summit in Lucknow bodes well for the people of the state. Chief Minister Yogi Adityanath announced at the summit that his government has already signed 18,643 memorandums of understanding worth Rs 32.92 lakh crore.

Compare this figure with the Union Budget placed in Parliament by Finance Minister Nirmala Sitharaman. The total estimated expenditure in the Budget has been pegged at Rs 45 lakh crore, while total receipts other than borrowings have been estimated at Rs 27.2 lakh crore.

Yogi Adityanath was hopeful that the investment proposals, if they materialize, will generate jobs for nearly 92 lakh people in UP. Reliance Industries chairman Mukesh Ambani pledged to invest Rs 75 thousand crore in UP over the next five years. He said, these investments in retail and renewable energy sectors, will generate over one lakh jobs. Ambani said, “the golden age (swarnim yug) of UP has begun. UP has become the centre of hope for India, just like India has emerged as the centre of hope for the entire world”.

Aditya Birla group chairman Kumar Mangalam Birla pledged an investment of Rs 25,000 crore. He mentioned how Prime Minister Narendra Modi said in one of his speeches, “UP plus Yogi, bahut hain ab upyogi”. Uttar Pradesh, he said, has undergone a metamorphosis in the last six years under the leadership of Yogi and guidance of Narendra Modi. Tata Sons chairman N. Chandrasekaran said, Air India has a big plan to connect every part of UP with the rest of India, as it has the potential to connect with important destinations of the world.

Addressing the investors’ summit, Prime Minister Narendra Modi said, Uttar Pradesh used to be one of the ‘Bimaru’ (Bihar MP, Rajasthan, UP), and it was lagging behind others because of rampant crimes, but in the past few years, law and order situation has improved and the state has emerged as an engine of growth. Modi said, “if India has emerged as a bright spot for the entire world, UP is providing energy and driving the nation’s growth.”

Modi said, UP has every attribute for emerging as an economic superpower, given its large population, a huge market, skilled manpower and incentives from the government for setting up industries. UP chief minister Yogi Adityanath vowed to scale up the state’s economy to one trillion dollars in the coming years.

Several hundred kilometres away from Lucknow, in Varanasi, former chief minister Akhilesh Yadav described Yogi government’s claims as false. He alleged crime rate has increased, and the global investors’ summit was only a show to garner publicity. The SP supremo alleged that Yogi government was not going to give any fresh incentives to investors, and that several investment MOUs have been signed with “companies operating out of a single room. ”

Deputy chief minister Brajesh Pathak hit back and said, UP has already left behind the dark, anarchic age of mafia gangs and criminals, and much work has been done to build expressways, airports and other infrastructure. “Nobody can stop UP’s progress”, Pathak said.

This is the fourth Global Investors Summit in UP. If Yogi government manages to get Rs 32.92 lakh crore worth investments, it can transform the economy of Uttar Pradesh. Chief Minister Yogi Adityanath is known for his strong determination and political will. Already, positive notes have come from top industrial tycoons of India, and very soon, UP is going to emerge as one of the most favorite destinations for new industries.

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