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UP govt steps up investment drive

The government has signed memorandums of understanding (MoUs) worth Rs  35,000 crore while in subsequent meetings companies expressed interest to invest another Rs  28,000 crore.

Mail Today Bureau   Delhi     Last Updated: June 19, 2014  | 13:45 IST
Uttar Pradesh Chief Minister Akhilesh Yadav and Chief Secretary Alok Ranjan
Uttar Pradesh Chief Minister Akhilesh Yadav and Chief Secretary Alok Ranjan at the investors' summit in New Delhi

The Uttar Pradesh government organised its first investor summit in Delhi recently. Representatives from around 100 companies participated in the event. "We wanted to market Uttar Pradesh as an investment destination. We got tremendous response.

We have investment proposals worth Rs  63,000 crore," said Alok Ranjan, Chief Secretary, Uttar Pradesh. The government has signed memorandums of understanding (MoUs) worth Rs  35,000 crore while in subsequent meetings companies expressed interest to invest another Rs  28,000 crore.

The largest investment commitment of Rs  20,000 crore came from Essel Group, which signed a MoU for setting up urban development, power distribution and solar power projects. Reliance Jio Infocomm, a subsidiary of Reliance Industries ( RIL), signed a pact for rolling out 4G broadband services for Rs  5,000 crore in the state. ITC also promised another Rs  2,100 crore for setting up projects in multiple sectors; private university Amity signed a pact for establishing an educational complex in Kanpur for Rs  2,000 crore, and Fortis Healthcare committed Rs  800 crore for a super- specialty hospital each at Kanpur, Lucknow and Greater Noida.

"We will appoint a nodal officer for each of these companies so that clearances are swift and all projects materialise.

I will myself review each of these proposals on a monthly basis," Ranjan said.

"Investment in industry and infrastructure are top priority for the government, as is maintaining law and order," he said, adding: " We have come up with sector-specific policies to attract investments and have implemented a single- window clearance system. We have set up an online portal and a helpline number to address the grievances of the industry. We have succeeded in building up an investorfriendly environment. The state government is also keen to see investments in the food processing industry. This can create storage and related infrastructure, besides helping enhance the income of farmers." Explaining the process, he said: " Infrastructure in the form of power supply, metro, urban transport, city bus and highways will be a focus. Lucknow will see a metro network at an investment of Rs  7,000 crore. We are considering a proposal for extending the metro network to Kanpur also. The metro from Noida is being extended to Greater Noida." The government is also open to foreign investments. According to Ranjan, " Investors from Taiwan are interested in developing a Taiwanese cluster to help flow in investments from Taiwanese companies. It is a good idea and we will contact other nations as well."

Courtesy: Mail Today 

 

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