UP’s youngest Chief Minister Akhilesh Yadav has been responsible for the complete makeover of the state. He gets candid in an interview with LiveMint and talks about his big plans to make Uttar Pradesh an investor’s hub.
He was asked, “What steps are you taking to encourage more companies to invest in the state?”
And we loved his reply.
He said, “UP has a lot to offer to investors. The state’s focus has been to create a facilitative administrative system, reduce time in setting up of industries, remove bureaucratic interventions and provide world-class infrastructure. Recently, the World Bank had ranked the state 10th in the country in the context of ease of doing business.
One of the major exercises undertaken by the government is to create a policy framework for conducive working environment to the industries in Uttar Pradesh. Through ongoing efforts, the state has attracted many corporate giants such as Samsung, Infosys, HCL, Times Group, Azure Group, Reliance, Amul, etc. Uttar Pradesh has become a hub of corporate R&D with a number of domestic players and MNCs establishing their facilities here.
In an effort to further streamline business, we have restructured and strengthened Udyog Bandhu, a nodal organization of the state government dedicated for facilitating investment in the infrastructure, industrial and service sectors.
Udyog Bandhu has been strengthened with a special focus on accessibility of investment-related information and redress of investors’ grievances. The changes it intends to bring about is becoming visible. Nivesh Mitra has also been implemented in the state.
The progressive policies and a clear focus on making the state attractive for doing business through fiscal incentives as well as simplification of business regulations have gone a long way towards building brand Uttar Pradesh in the eyes of India Inc.
As I had mentioned earlier, the state government is making all-out efforts to strengthen the infrastructure of the state. All district headquarters are being connected with four-lane roads. Besides the widening of roads, bridges and flyovers are being constructed to ensure a rapid transport system. Apart from this, new power-generation plants, hospitals, dairy plants, etc. are also being set up.
Recently, an investors’ summit was held in Mumbai in which the state government got tremendous response from industrialists and entrepreneurs. Reposing immense faith in the policies and business environment in Uttar Pradesh, industry magnates have proposed to invest Rs. 51,000 crore in the state across various sectors.
The intent for cooperation for these investments were signed by investors at the investors’ summit organized by the government of Uttar Pradesh. Among others, the companies that have expressed their intention to invest in the state include Idea Cellular, LG, Reliance Jio, Godrej Agrovet, Toshiba Power, Ceres Bio System, Kanodia Group, AIPMA (All Indian Plastic Manufacturers Association), ITC, Indo-Gulf Fertilizers, Amulya Sanchay, etc.
The sectors in which these investments are likely to come include electronics, food processing, infrastructure, IT, power, solar energy, etc.
The investment policies unveiled by the state, better facilities of roads, power, water and other essential services clearly give an edge to the state.
The state is setting up state-of-the-art IT parks, mega food parks, logistic hubs, plastic city, biotech industrial parks and integrated industrial townships.
We have decided to run the metro rail in Lucknow, which will be operational by the end of 2016. The metro rail project would provide a transit system that is convenient, safe, fast, reliable and cost-effective. The government has also decided to run the metro in four more cities, including Meerut, Kanpur, Agra and Varanasi.
The state government has put in place a very forward-looking policy for the film industry. Uttar Pradesh, with its rich culture and diversified locations, offers a vast canvas of opportunities for filmmakers.
The investors’ meet had an interactive and meaningful session between me and prominent bankers of Mumbai. Those present at the interactive session included representatives from leading banks like SBI, ICICI, BoB, Kotak, HDFC, Axis, BoI, IDBI, etc. The bankers committed lending and investment to the tune of Rs.1.5 lakh crore.”
Social Samajwadi will bring you more from this interview; so stay tuned!