Uttar Pradesh

• 16 Feb 2024

Uttar Pradesh’s Mega Investment Drive

Why in News?

The Uttar Pradesh government is about to host the fourth edition of the Ground Breaking Ceremony (GBC@IV) in Lucknow which is aimed at implementing investment proposals worth Rs 10 lakh crore.

Key Points

• The Uttar Pradesh State Industrial Development Authority (UPSIDA) is poised to initiate 15% of the proposals at this ceremony, amounting to Rs 1.5 lakh crore.
• These mega projects include:
  • Integrated Township in Chandauli: A Rs 7,000 crore integrated township, covering 333 acres, will be inaugurated by Prime Minister Narendra Modi during GBC@IV.
  • World Trade Center Development in Chandauli: The development of integrated townships and malls by the World Trade Center Noida Development Company will generate an additional 12,000 jobs in Chandauli.
  • Manufacturing Ventures: Projects by Bharat Heavy Electricals, Apex Welfare Trust, and Anita Distillery will collectively create employment opportunities for thousands in sectors such as industrial goods production, healthcare, and biofuel production.
• The implementation of these projects is expected to catalyze economic growth and development across several districts, including Chandauli, Lalitpur, Basti, Etah, Bulandshahr, Amethi, Moradabad, and Jhansi.
• The planned investments are poised to create over 3,500 units across 45 districts, significantly contributing to job creation and economic empowerment.
• This massive influx of investment is expected to bolster Uttar Pradesh’s economic prowess and contribute to India’s overall Gross Domestic Product (GDP) growth.

Previous Groundbreaking Ceremonies

• Three groundbreaking ceremonies have already taken place in the state, bringing investment of over ₹2.10 lakh crore.
• The first UP Investors’ Summit was held in February 2018 in which 1045 MoUs worth ₹4.28 lakh crore were signed.
• The first groundbreaking ceremony took place in July 2018, followed by another in July 2019, resulting in the successful launch of 81 projects with investment of ₹61,792 crore and about 290 projects with investment of ₹67,202 crore, respectively.