UP aims to garner Rs 17 trn investment intent from global summit in Feb

Uttar Pradesh govt expressed confidence that the Global Investors Summit, slated for next month in Lucknow, would garner investment commitments worth Rs 17 trillion from foreign and domestic investors

The Uttar Pradesh government on Tuesday expressed confidence that the Global Investors Summit, slated for next month in Lucknow, would garner investment commitments worth Rs 17 lakh crore from foreign and domestic investors & conglomerates.

Three state-ministers and senior officials from the northern state came to Kolkata during the day for the summit roadshow where they projected Uttar Pradesh as an ideal investment destination for businesses, and highlighted its robust infrastructure and an improved law and order situation.

"Initially, we were projecting a Rs 10 lakh crore investment commitment from this summit. But with the feedback from the overseas and domestic investors, now we are aiming at Rs 17 lakh crore worth of intent," UP Industrial Development & Export Promotion minister Nand Gopal Gupta said.

The Global Investors Summit will be held from February 10 to 12.

The state held roadshows in 16 countries and investors' meets in 21 Indian cities to promote the summit. The initiative is a step towards making Uttar Pradesh a USD one-trillion economy as envisioned by Chief Minister Yogi Adityanath, Gupta said.

"We already have intentions worth Rs 7.12 lakh crore from overseas investors. About Rs 8 lakh crore has already been received from roadshows from domestic cities like Delhi and Mumbai based industrialists," he said.

There is a promise from companies operating in Uttar Pradesh to invest in expansions worth Rs 76,000 crore, said Gupta, who was accompanied by Labour and Employment Minister Anil Rajbhar and Transport Minister Daya Shankar Singh.

"The last global business summit was held in 2018. We had received interest of Rs 4.68 lakh crore and now over Rs 4 lakh crore worth of projects are at various stages of implementation. We have also disbursed incentives worth Rs 1800 crore so far since 2018," Gupta said.

Industry body CII was a partner at the city roadshow in which around 250 delegates took part.

Kolkatsa-based Berger Paints and Century Plyboards are executing projects in Uttar Pradesh.

Berger Paints MD & CEO Abhijit Roy stated that the company evaluates four key points before committing any investment and those are market, law & order, infrastructure and incentives.

"We have invested Rs 1015 crore in a greenfield plant in UP and it will be operational soon," he said addressing the investors.