In the midst of economic slowdown there is the plan to boost the system via investments and UP minister Satish Mahana has claimed that 90 projects out of 1,045 MoUs were signed during the state’s first investors summit. The commercial production up till January 2020 has raised and the much-touted investment summit has observed investment of worth Rs. 4.28 lakh crores. From this number about Rs. 39,000 crores worth investments have initiated in the production, so the UP government said in the legislative assembly.
This makes for little less than 9 percent of the project committed and the UP minister for industrial development – Satish Mahana asserted that 90 projects are signed during the investors’ summit that took place in February 2018. Foundation of a total of 371 projects had been laid over the two successive groundbreaking ceremonies in 2018 and 2019 while the ones who have already started producing, 164 projects are at various levels. This concludes their civil work and production from these are expected to begin in the next six months or so which is likely to convert investment commitment worth Rs. 55,000 crore into production on the ground. Out of these projects, 8 projects have been canceled due to finances and 112 projects have got the green light but are yet to begin the work.
The summit is necessary to give the state an opportunity to interact with industrial leaders. Compared to other states of India, UP has always been on the back foot and hence, 9 percent conversion on the ground is not a bad start, claimed Chief Economist. The UP government is going to conduct a Global Investors Summit during Oct-Nov 2020, in its bid to attract investment.