Hectic preparations have begun for the Global Investors Summit in Uttar Pradesh, which will pave way for making the state a $1 trillion economy. The third ground-breaking ceremony will be held on June 3 in the presence of Prime Minister Narendra Modi and more than 60 giants from the corporate and industry world.
According to an official spokesman, the Prime Minister will perform 'bhumi pujan' for about 2,000 projects worth Rs 75,000 crore at the ceremony. Uttar Pradesh has reinforced its reputation as an industry and investment-friendly state with the repeated investment by global giants in many sectors. In the last five years, sectors such as Information Technology and Electronics, Food and Food Processing and Infrastructure have seen massive investment by companies with a global footprint.
The third GBC and investment ceremony marks a display of confidence by the industry and corporates of India and abroad in the industrial environment created by the Yogi government in the last five years. While the Investor Summit held in February 2018 was followed by the first GBC, the second GBC was held in July 2019. In the UP Investors Summit and GBC held in February 2018, 81 projects with projected investments worth Rs 61,800 crore were put into operation. The second GBC held on July 28, 2019, saw 290 projects worth Rs 67,000 crore put into operation.
The third GBC is bigger than the previous two with a higher projected investment. In terms of number of projects, the top department is food processing, with 474 projects, worth Rs 4,118.39 crore as the sum of investment intent. However, in terms of value, the top department is IT and electronics, where the number of projects is 14, but the sum of investment intent is a staggering Rs 20,587.05 crore. In the IT and electronics sector, projects are related to setting up of data centres, software development centres, IT and ITEs centres.
This indicates the preference of intending companies for Uttar Pradesh as a suitable destination for IT and electronics projects. Notable among other departments with a large number of projects are: FSDA or Food Safety and Drug Administration (59), Tourism (23), Cooperative (24), Housing (23), Additional Sources of Energy (20), Excise (13), Textile (12), Animal Husbandry (6), Higher Education (4) and Dairy (3). Among facilitating departments, the UP State Industrial Development Authority or UPSIDA has the highest number of projects at 647, followed by NOIDA (47), UP Expressways Industrial Development Authority or UPEIDA (25), Greater Noida (17), Gorakhpur Industrial Development Authority or GIDA (14), Yamuna Expressway Industrial Development Authority or YEIDA (7) and Infrastructure and Industrial Development Department or IIDD (3).
The huge interest shown in Uttar Pradesh by top industrial houses in varied sectors will go a long way in boosting the state's economy and create lakhs of employment opportunities.