Indian Economy News

Tourism sector receives US$ 4.3 billion (Rs. 35,000 crores) investment proposals in Uttar Pradesh

  • IBEF
  • January 24, 2023

The Hospitality and Tourism sector in Uttar Pradesh has received total investment proposals of over US$ 4.3 billion (Rs. 35,000 crores). The intended investments are related to a number of projects, including hotels, resorts, river cruises, wellness hubs, ecotourism, entertainment zones, theme parks, etc.

The aim of the fresh investment proposals is to boost the gross state domestic product (GSDP) and create mass local jobs, a senior UP government official said.

The investment proposals were received during the recent domestic and international roadshows organised in the run-up to the UP Global Investors Summit (GIS) 2023 during February 10-12 in Lucknow. The state has signed around 400 Memorandums of Understanding (MoUs) with private firms in this regard. Furthermore, approximately US$ 2.45 billion (Rs. 20,000 crores) of investment proposals have been accounted for hotels and resorts projects, whereas the miscellaneous projects comprise the remaining portion of the proposed investment.

The GIS will be inaugurated by Prime Minister Mr. Narendra Modi. The state has secured investment proposals of over US$ 15 billion (Rs. 1.2 trillion) so far and is targeting to attract investments worth US$ 21 billion (Rs. 1.7 trillion).

The UP Government is undertaking various measures to utilize the state’s potential in the tourism spheres, namely, ecotourism, spiritual tourism, wellness tourism, religious tourism, etc.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.