Indian Economy News

US$ 120.5 billion (Rs. 10 lakh crore) projects: PM Modi unveils mega infra blitz in UP

  • IBEF
  • February 20, 2024

In pursuit of the US$ 1 trillion goal, Uttar Pradesh hosted the fourth edition of the Ground Breaking Ceremony (GBC 4.0) at Indira Gandhi Pratishthan. The event saw the launch of over 14,000 projects valued at US$ 120.5 billion (Rs. 10 lakh crore) in the presence of Prime Minister Mr. Narendra Modi, Defence Minister Mr. Rajnath Singh, Chief Minister of Uttar Pradesh Mr. Yogi Aditya Nath, along with more than 4,500 investors and guests from India and abroad. These projects, spanning across 60 districts in the state, were expected to create over 34 lakh job opportunities.

A significant number of these projects, including 262 valued at over US$ 60.2 million (Rs. 500 crore) and 889 between US$ 12-60 million (Rs. 100-500 crore), were initiated after the UP Global Investors Summit (UPGIS) held last year. The remaining projects were signed after the summit. The inaugural ceremony featured addresses from dignitaries like Mr. Dheeraj Hinduja, Chairman of Hinduja Group; JP Park, CEO of South West Asia Samsung; Ms. Sussane Pulverer, CEO of Ingka (IKEA); Mr. Jindal Mehta, Managing Director of Torrent Group; and Mr. Jalaj Dani, Chairman of Adverb Technologies. While the main event was held at Indira Gandhi Pratishthan in the city, all 75 districts in the state simultaneously hosted ground-breaking events. The agenda included sessions on various topics like 'UP -- Emerging Destination for Foreign Investments in India,' 'Corporate Social Responsibility,' and 'Destination UP -- Emerging Hub for AI in India'. The event was expected to host over 4,000 participants worldwide, including industrialists, Fortune Global/India 500 companies, foreign investor partners, Ambassadors/High Commissioners, and other distinguished guests. The venue also showcased the state's achievements through ten pavilions highlighting sectors such as AI, Textile, Data Centre/Electronics & IT, Warehouse & Logistics, Film City, Invest UP/Top Investors, Medical Devices, EV & Renewable Energy, and Defence/Aerospace.

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