UP invites global investments | SupportBiz

Finance Forum

UP invites global investments

 
The government of Uttar Pradesh seems to have taken an active stance towards reforming policies for investments in the state and motivating the business fraternity. Akhilesh Yadav, Chief Minister of Uttar Pradesh, said that it is the state's priority to revamp investment-related policies across sectors.

Yadav also stated that Uttar Pradesh will focus on creating an enabling and business-friendly environment in the state.

“We have created high-powered committees to monitor the proper and timely execution of government policies. This activity will ensure fast decision-making,  specially in those areas where bottlenecks or hurdles  exist,” added the Chief Minister.

The Chief Minister further stated  that partnership with the industry is critical for realization of the government’s vision of a prosperous agriculture sector, food processing sector and MSME sector, as well as to create world-class infrastructure and strengthen the IT and ITeS sector. 

The state government has  launched some key policies on Infrastructure and Industrial Investment Policy, Food Processing Industry Policy, Sugar Policy, IT Vision, Poultry Policy and Solar Power Policy, to boost these industries and investments in the state. “I would like to urge the MSMEs from the state to come forward and take advantage  of these favourable policies. With these policies in place, the state of UP also offers significant opportunities  for investment in various industry sectors,” stated  Yadav.

These announcements were made during the recent 19th CII Partnership Summit  in  partnership with the state of Uttar Pradesh. Commenting on CII’s commitment towards UP, Chandrajit Banerjee, Director General, CII, stated, “CII is regularly engaged with the government of UP.  We have formed working groups with the state government on power  and renewable energy, skill development, branding,  MSMEs, agriculture  and food processing, industrial policy, infrastructure, healthcare and Information Technology. The state government is focused on overall upliftment of the economic scenario of the state.”

Ajay S Shriram, Vice President, CII, and Chairman  and Senior Managing Director, DCM Shriram Consolidated Ltd, re-emphased  the importance of the proper execution of these policies and schemes. “CII would be happy to work with the government of Uttar Pradesh in more areas, including  agriculture. Execution of  policies will be the key to  development of the state,” he said.

Foreign investment is also expected to be on a rise in the state. UP Ron Somers, President, United States – India Business Council (USIBC), stated  that American companies and investors are  considering UP as a favourable investment destination. “American firms are highly motivated and interested in investing in UP’s agri-processing  and power sectors, considering their potential and opportunities. With  a capex of 16,000MW proposed in new power projects, there is an opportunity of a potential investment worth USD16 billion.  A senior business delegation from USA will  visit UP in March 2013 to further concretise partnerhsips” he   stated.

“There is an opportunity for investment worth USD10 billion in the defence sector through the Defence Offset Policy of the Indian Government. UP can benefit hugely from this  policy, if leveraged properly,” he added.

Jaiprakash Gaur, Founder Chairman, Jaiprakash Associates Ltd, emphasized the importance of  Uttar Pradesh’s strong agricultural base, fertile land, rich water resources and minerals   in its immense potential for  industrial growth. “With motivating policies in place, entrepreneurs will find it  profitable to work in the state and contribute to it. I believe that the state will regain its pre-eminent position in industrial development under the dynamic leadership of the present state government,” he stated.

Anand Sharma, Minister of Commerce, Industry & Textiles, Government of India, emphasized the significance of  forging regional and global partnerships between the developed, developing and emerging economies as the key to  sustainable growth. “Partnerships will secure the present and impact the future of the economy and overall development in a positive manner. I would urge Indian businesses and foreign investors  to look at a point of synergy with each other and explore growth opportunities,” he stated.