The Uttar Pradesh Government is hoping the proposed ‘Global Investors Summit’(GIS) scheduled in January 2023 will play a major role in achieving the ambitious target of making the State a one-trillion-dollar economy by 2027. In the run-up to the GIS-2023, many departments of the State Government are upgrading the policies and will bring new rules for the purpose of getting more foreign direct investment. “The Global Investors Summit (GIS) will play a major role in achieving the target set by CM Yogi Adityanath to make the State, a one trillion-dollar economy, we are working to bring more and more foreign investment,” said Arvind Kumar, Infrastructure and Industrial commissioner.
The State Government had also written letters to the Indian External Affairs Ministry, 93 Indian embassies and foreign organisations requesting them to help the State for the GIS-2023 and to figure out the sectors and industries abroad from where the investment could come in U.P. The State Government said that it had received an investment worth more than ₹50,000 crores in the last five years from foreign investors.
In the run-up to the Global Investor’s summit (GIS)-2023, the State Government will send multiple delegations led by the Cabinet Ministers on tours of at least 17 countries including the United States of America (U.S.A.), United Arab Emirates (UAE), Canada, Sweden, Singapore, France, Germany, South Korea, Mauritius, Russia and Australia to showcase the State as an ‘investment hub’ and the delegations will organise roadshows and other events to create a conducive environment for the summit.
Mr. Adityanath has reiterated time and again in the recent past about his government’s commitment to make U.P. a trillion-dollar economy and has often quoted the figures from the ease of doing business report 2020, in which Uttar Pradesh moved up by 10 spots to rank number two to back the claim that U.P. was getting a big investment.
MoU with Deloitte India
In the quest for a one trillion-dollar economy, the State Government, last month signed a Memorandum of Understanding (MoU) with Deloitte India, appointing it as a consultant. Deloitte India is likely to produce a future action plan after conducting a sector-wise study about how the State can reach towards the ambitious goal. The report would be examined by a committee headed by the Chief Secretary and reviewed by a group of ministers later. One senior Deloitte representative said that the things were in early stages.
The economists who follow the developments argue that to achieve the ambitious target of a one trillion-dollar economy, the State Government should not only focus on big foreign direct or domestic investment but also on micro and medium scale industry development and investment related to it in the State. “It is true that the State lacks the natural advantages enjoyed by the coastal States like Gujarat, Tamil Nadu and Maharashtra to attract big industrial investment hence we should focus more on the micro and medium scale industries,” said Manoj Kumar Agarwal, head, Department of Economics, Lucknow University.
