UP Investor Summit: Will promise convert into performance? -Governance Now

UP Investor Summit: Will promise convert into performance?

Yogi’s event has generated impressive proposals: he will have to work on translating them into reality

GN Bureau | February 22, 2018

#Business #Narendra Modi #Gujarat #Uttar Pradesh #Yogi Adityanath #UP Investor Summit #Economy

Uttar Pradesh CM with Mukesh Ambani of the Reliance group

The UP investors’ summit has received an overwhelming response. On the opening day, Wednesday, 1,045 memorandums of understanding (MoUs) worth Rs 4.28 trillion were signed at the summit – and as it closes today the figure is only going to go up.

With big-ticket investments from Adani to Birla and Reliance Jio to Hinduja, the state hopes to shed its ‘Bimaru’ tag. Investment proposals have been made across various sectors like energy, logistics, solar power, roads and agriculture.

Top investment proposals at the UP Summit
Adani Group: Rs 35,000 crore
Adita Birla Group: Rs 25,000 crore
Essel: Rs 18,000 crore
Reliance Jio: Rs 10,000 crore

The summit, a first by the Yogi Adityanath government, is on the lines of state investor conferences, like Vibrant Gujarat, Magnetic Maharashtra, Sunrise Andhra Pradesh and so on. Gujarat and Maharashtra have attracted huge investment proposals at their investor events.

However, quite often, such investment events make big headlines and little happens after that. The reality of massively promoted and hyped summits tells a sad story. Though the events promise impressive numbers in terms of investments, the materialisation of these projects on the ground remains dismal.

For example, Vibrant Gujarat, held every other year since 2003, has always made news for attracting MoUs running into astronomical amounts, but the actual investment flow is estimated to be around five percent of the promised.

Only time will tell whether the impressive numbers promised at the UP investor summit will translate into reality and script a new history for the state.

Comments

Other News

‘Oral cancer deaths in India cause productivity loss of 0.18% GDP’

A first-of-its-kind study on the economic loss due to premature death from oral cancer in India by the Tata Memorial Centre has found that this form of cancer has a premature mortality rate of 75.6% (34 premature events / 45 total events) resulting in productivity loss of approximately $5.6 billion in 2022

Days of Reading: Upendra Baxi recalls works that shaped his youth

Of Law and Life Upendra Baxi in Conversation with Arvind Narrain, Lawrence Liang, Sitharamam Kakarala, and Sruti Chaganti Orient BlackSwan, Rs 2,310

Voting by tribal communities blossoms as ECI’s efforts bear fruit

The efforts made by the Election Commission of India (ECI), over last two years, for inclusion of Particularly Vulnerable Tribal Groups (PVTG) communities and other tribal groups in the electoral process have borne fruit with scenes of tribal groups in various states/UTs participating enthusiastically in t

GST revenue for April 2024 at a new high

The gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST

First Magahi novel presents a glimpse of Bihar bureaucracy a century ago

Fool Bahadur By Jayanath Pati (Translated by Abhay K.) Penguin Modern Classics, 112 pages, Rs 250 “Bab

Are EVs empowering India`s Green Transition?

Against the backdrop of the $3.5 billion Production-Linked Incentive (PLI) scheme launched by the Government of India, sales of Electric Vehicles (EVs) are expected to grow at a CAGR of 35% by 2032. It is crucial to take into account the fact that 86% of EV sales in India were under the price bracket of $2