Five years since the 2018 Uttar Pradesh Investors Summit: Half of the investment pledged translated into proposals, 3.24 lakh jobs created
- IBEF
- December 4, 2023
During the inaugural Investor Summit conducted by Uttar Pradesh’s government in 2018, a total of 1,045 Memorandums of Understanding (MoUs) were inked, amounting to Rs 4.28 lakh crore (US$ 51.36 billion), between the state government and diverse companies. Subsequently, the government organized three 'groundbreaking ceremonies' in 2018, 2019, and 2022.
About half of the Rs. 4.28 lakh crore (US$ 51.36 billion) investment committed during Uttar Pradesh’s Chief Minister Mr. Adityanath Yogi’s government's 2018 Investor Summit has materialized into proposals in the past five years, creating 3.24 lakh jobs. On November 30, 2023, the government disclosed in the legislative assembly that over 61% of the proposed investment had entered commercial production.
In response to queries about the three groundbreaking ceremonies (GBCs), Minister of State for Industrial Development, Mr. Jaswant Singh Saini, provided figures indicating significant progress. In the first GBC, 66 industrial units proposed Rs. 61,790 crore (US$ 74.15 billion), with Rs. 42,581 crore (US$ 51.09 billion) in investments already in commercial production, creating 1.14 lakh jobs. The second GBC saw 257 units proposing Rs. 67,202 crore (US$ 80.64 billion), with Rs. 54,903 crore (US$ 65.88 billion) in production and 70,033 jobs. In the last GBC, 520 companies proposed Rs. 80,224 crore (US$ 96.26 billion), with Rs. 31,142 crore (US$ 37.36 billion) in production and 139,396 jobs. The government's focus on attracting investments is a key aspect of its governance narrative, with the 2023 Investor Summit receiving proposals of Rs. 33 lakh crore (US$ 396.07 billion), potentially generating over 90 lakh jobs.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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