The apex industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM) organized an investment summit “Uttar Pradesh @ Double Digital Growth: Unfolding Investment Opportunities” in January 2016. At the event, Uttar Pradesh was declared as the fastest progressing state and also one of the most important states in terms of inviting investments in various sectors of the state economy by ASSOCHAM. Akhilesh Yadav, the Chief Minister of Uttar Pradesh has been responsible for the double digit growth of the country’s most populous state.
The state has investment friendly proposals for Infrastructure, agri and food processing, power, tourism, IT & ITeS under Akhilesh Government. Such initiatives have given the state a complete makeover and a shift in perception. Uttar Pradesh is on its way to become the second largest economy in the country under the governance of Akhilesh Yadav.
On 31st August, 2016 ASSOCHAM released a report on the schemes run by UP government and said, “Regulatory reforms and initiatives taken by UP government like setting up a single window system of Nivesh Mitra, online industrial grievance redressal mechanism, issuance of VAT registration certificate in a single day, e-stamping facility, self-certification for compliance with labour laws, e-sancharan system and others are steps in the right direction,” in their study with TRAI (Thought Arbitrage Research Institute).
In the study, multiple facts were highlighted and it was explained how Uttar Pradesh has outperformed other states in the country on various parameters. There has been a substantial economic growth, infrastructure development, industrial boom, services sector rise, and labour productivity. The current national growth rate in services sector is 4.7%, whereas, that of UP is 8.1% CGAR as of 2013-14.
The biggest leap has been seen in infrastructure development of the state. It has not only made Uttar Pradesh stronger and well-connected, but also helped with improving ease of doing business. Some of the most important projects are:
Agra-Lucknow Expressway: Chief Minister Akhilesh Yadav’s pilot project is all set to launch in a month’s time. It is the country’s largest Green Field Expressway and connects 10 districts to the important cities of the state.
Four-Lane Roads: Akhilesh Yadav has always been a believer of connecting the state internally and externally with the help of a good road network. Most of the districts in Uttar Pradesh have been linked with each other via four-lane roads. Apart from that, beautification and maintenance work is being carried on for existing routes.
Metro Rail: The first phase of Metro is almost complete in Lucknow and the other 5 are in different stages. Once complete, Uttar Pradesh will have the most metros in the country as compared to any other state. Prior to its completion, Lucknow Metro has already won awards and laurels at multiple events for their brilliant engineering, speedy work, and sustainable.
Apart from these, 22 SEZs (IT and ITeS, electronic hardware and software, handicrafts and agro-based industries) have been sanctioned across the state. Noida has become India’s premier mobile production hub leading in the country with 140 million units per year.
With everything in the state’s favour and Akhilesh Yadav’s good governance, Uttar Pradesh is giving the other states a tough competition.