Of the Rs 33.5 lakh crore investments committed at the Uttar Pradesh Global Investors Summit in February 2023 work on proposals worth Rs 10 lakh crore has already begun, the state’s industry minister said.
“At the summit 19,058 Memorandum of Understanding were signed and implementation of 14,000 is under way. Of the Rs 10 lakh crore worth proposals on which work is on, projects worth Rs 2.6 lakh crore have already started commercial production,” UP’s Industrial Development, Export Promotion, NRI, Investment Promotion Minister Mr. Nand Gopal Gupta Nandi told FE. The MoUs were signed in the area of manufacturing, infrastructure and renewables.
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Some of the major companies that have started commercial operations include Urvasi Infratech (Rs 3,400 crore), AB Mauri (Rs 1,677 crore), J K Cement (Rs 1,200 crore), Wonder Cement (Rs 834 crore), Berger Paints (Rs 800 crore), and Moon Beverages (Rs 756 crore).
He said the Uttar Pradesh Defence Industrial Corridor (UPDIC) has been envisaged to strengthen India’s defence capabilities and encourage aerospace sector. Till January this year, it has attracted investment proposals worth Rs 28,175.58 crore. The state is also planning a policy to attract more investments in the defence sector.
“Uttar Pradesh has become the third-largest economy in India, contributing over 8 per cent to the nation’s GDP. Uttar Pradesh’s economy is growing at 11 per cent annually, among the highest in the country,” the minister said.
Gupta further said that despite being a landlocked state, the state has a share of around 5 %in national exports and the state would soon unveil its five-year export policy ro increase its share of national exports to 7.5%.
The centre is also encouraging states to have their export policy and actively pushing One District One Product (ODOP) and District as Export Hub scheme.
Gupta said UP now has the largest rail network in the country, with a 38% share of expressways, four international and nine domestic airports. Furthermore, more new airports are under construction, including the world-class Jewar Airport, which will be operational later this year. The new airport at Noida has the potential to be a key air and cargo traffic hub.
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