UP Investors Summit 2018: Rs 20,000 crore defence corridor; Rs 4.28 lakh crore MoUs signed

UP Investors Summit 2018: Rs 20,000 crore defence corridor; Rs 4.28 lakh crore MoUs signed

Prime Minister Narendra Modi on Wednesday announced a defence industrial corridor in the Bundelkhand region of Uttar Pradesh, one of the most backward regions of the state.

Lucknow: Prime Minister Narendra Modi on Wednesday announced a defence industrial corridor in the Bundelkhand region of Uttar Pradesh, one of the most backward regions of the state. “Out of the two defence industrial corridors mentioned in this year’s Budget, one is proposed in the Bundelkhand region of the state, which will bring an investment of Rs 20,000 crore and generate employment avenues for 2.5 lakh people,” the Prime Minister said at the inauguration of the Investors Summit-2018 in Lucknow.

The corridor, which he said, would pass through Agra, Aligarh, Lucknow, Kanpur, Chitrakoot and Jhansi, would boost development and industrialisation. Stressing that Uttar Pradesh has vast potential and can become the growth engine of the country, Modi said along with potential, it requires policy, planning and performance to bring progress. Laying emphasis on the healthy competition among states, the Prime Minister said Maharashtra has set a target of becoming a trillion-dollar economy. “I set this challenge before UP to compete with Maharashtra and let us see who will become the first trillion-dollar economy,” he said, adding that this kind of competition would usher in a healthy race among states.

Praising chief minister Yogi Adityanath for the schemes and policies to attract investors, Modi said these steps will lead to an overall development of the state. “There will be no red tape, but red carpet for investors in UP now,” Modi said, adding that the mere fact that Uttar Pradesh was able to host an investors’ summit of this scale and get top industrialists from all over to participate is a sign of a big change. “The Yogi government has overcome the previous negativity and shown a ray of hope to people with positive changes. Uttar Pradesh has values and virtues, but it also needs to do value addition,” Modi said lauding the new ‘one district one product’ policy of the state government.

Adityanath announced the state has signed MoUs worth Rs 4.28 lakh crore, which equals to its budgetary projections for the next fiscal. “Our target is to create 40 lakh new job opportunities in UP in the next three years,” he said. Gautam Adani, Mukesh Ambani, Anand Mahindra, Kumar Mangalam Birla, Subhash Chandra, N Chandrashekharan, Shobana Kamineni, Naresh Trehan, etc were among top industrialists who attended the summit. While Adani promised investment of Rs 35,000 crore in the next five years, Ambani senior promised to invest Rs 10,000 crore in the next three years. He also promised to make available 2 crore Jio phones for UP in the next two months and create an additional 1 lakh sustainable employment in the next three years.

KM Birla’s Aditya Birla group promised investment of Rs 25,000 crore in multiple businesses in the next five years. Mahindra group chairman Anand Mahindra said while the Centre is encouraging states to compete with each other, he thinks UP should not compete with states, but with other countries. “When UP will not be compared to other states, the objectives will also change,” he said. He also announced investment of `200 crore for creation of a 200-room time share resort in Varanasi. N Chandrashekharan, chairman of Tata Sons, said TCS will open a new campus employing 30,000 people and also open an IT centre in Varansai. He allayed fears of TCS closing down its Lucknow centre and stressed that not only will the Lucknow centre continue, it would be made stronger.

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