UP Govt Delegation Signs MoUs Worth Rs 25,000 Cr In B’lore

A delegation from Uttar Pradesh on Monday signed Memorandums of Understanding (MoUs) worth Rs 25,000 crore with 33 entrepreneurs and companies during its Bengaluru leg of UP Global Investors Summit 2023 (GIS 2023).

Top lineup of ministers from Uttar Pradesh including Deputy Chief Minister Keshav Prasad Maurya were in Bengaluru to meet and invite industrialists and investors based out of Karnataka to invest in UP. Maurya and his team is currently touring the country to attract investments worth Rs 17 lakh crore to state GIS 2023 to be held in Lucknow next month.

During the Bengaluru roadshow, CM Yogi Adityanath in a video message said that UP was blessed with rich natural resources and is a leading state in ease of doing business with good governance, zero tolerance towards crime and corruption. It has the largest consumer market and single window portal Nivesh Mitra, as well as investment friendly policies.

“UP is the best place to invest in all aspects and is poised to become the second largest economy of the country. As per the resolve of the PM, UP is ready to accelerate India's economic growth,” the CM remarked.

During the roadshow event, information about investment opportunities in UP was given to investors present in the audience through video films. Infrastructure and Industrial Development Commissioner Arvind Kumar enumerated the opportunities and benefits of investment in Uttar Pradesh through a presentation. Manoj Gupta, Chairman, MKU Limited and Ullas Kamath, Chairman, FICCI Karnataka shared their experiences of investing in Uttar Pradesh. Kamath said that the development of infrastructure in UP in the last 8 years has been much faster than in China.

Addressing the investors during the programme, State Chief Secretary Durga Shankar Mishra said that Uttar Pradesh guarantees every facility that they would need for investment in UP. He said that Prime Minister Narendra Modi has set a target of making the country a USD 5 trillion economy and Chief Minister Yogi Adityanath has pledged to contribute USD 1 trillion from Uttar Pradesh towards achieving this goal.

The B2G meetings on Monday began with important sessions with companies like Infosys and Ola. This was followed by Team Yogi’s meetings with Federation of Karnataka Chamber of Commerce President BV Gopal Reddy and KisanKraft MD Ravindra Aggarwal. Infosys Corporate Affairs Head Santosh Ananthapura and Ola Electric Managing Director Mohit Sevakramani and Group CFO GR Arun Kumar met Deputy CM Keshav Prasad Maurya and proposed investment in UP.

Ravindra Agarwal, chairman of Kisan Craft Limited, had said that his company was interested in investing in the agriculture sector of UP, adding that a research was also being conducted on seeds. “Chief Minister Yogi Adityanath has changed the thinking of the people about Uttar Pradesh. Our company is very excited to invest in changing UP,” he had said. 

Speaking to BW Businessworld on the sidelines of the Bengaluru roadshow, Yogendra Upadhyaya, UP Minister of Higher Education, Science & Technology and Electronics & Information Technology said, "UP GIS 2023 will not just reach CM Yogi Adityanath's set target of Rs 17 lakh crore. We will, in fact, exceed it." 

Team Yogi had kicked off its domestic roadshow for UP GIS 2023 from Mumbai earlier this year and has so far been held in seven cities, including in Chennai, Kolkata, Delhi, Hyderabad and Ahmedabad. 

The UP GIS has also drawn investor interest from other countries who have collectively committed to invest over Rs 7 lakh crore in the state.