UP has potential to emerge as India's growth engine, says PM Modi

LUCKNOW: Top business leaders including Mukesh Ambani and Gautam Adani today promised big investments in Uttar Pradesh in the presence of Prime Minister Narendra Modi, who exuded confidence that the state can emerge as the growth engine of the country with its vast potential.

Inaugurating the Investors Summit-2018 here, Modi said the state has vast potential and the foundation of giving shape to a grand Uttar Pradesh has been laid.

"I am happy that the Yogi government is taking decisions for value addition in the core strength of the state. Policies are being made linking industrial development with employment opportunities...investors will now get red carpet instead of red tapism....the CM has said that he will personally monitor the MoUs that will be signed here," he said.


Modi termed the "one district-one product" policy of the state government as game changer and lauded UP Chief Minister Adityanath Yogi for pulling the state out of negativity prevailing previously, and said the coming of investors in large number at the summit was an indicator in this regard.

He also announced a defence industrial corridor in the Bundelkhand region to bring development in one of the most backward regions of the state.

Adityanath said that 1,045 MoUs worth Rs 4.28 lakh crore have already been signed with investors on the first day of the summit.

"I have recently presented budget of Rs 4.28 lakh crore and the figure of MOUs signed are the same... We are heading towards new UP," he said, adding that he would himself oversee the pacts.

Reliance India Ltd Chairman Mukesh Ambani has promised investment of another Rs 10,000 crore through his mobile venture Jio in the next three years besides creation of over one lakh new job opportunities.

While the Adani Group promised an investment of Rs 35,000 crores in the state in the next five years, Aditya Birla group said that it will invest Rs 25,000 crore in as many years.

The Chairman of Mahindra Group, Anand Mahindra promised setting up an electric vehicle (EV) manufacturing plant if the sales take off in UP and there is a supportive EV policy. He also announced an investment of 200 crore to set up a 200 room property in Vindhya Varanasi region.

Former president of Mauritius, Anerood Jaggnath, who attended the inaugural, said that relations with India have strengthened after the Modi government came to power.

"We have all gathered here for a better future of Uttar Pradesh from where our ancestors had migrated to Mauritius..our country wants strong ties with UP,' he said.

The state capital has been spruced up for the Investors Summit with wall paintings and cultural groups at strategic points welcoming the delegates from all over the country and world.

After sessions with senior central ministers, the summit will conclude tomorrow with the valedictory address by the President, Ramnath Kovind.