Lucknow, 7 Dec: The Uttar Pradesh government plans to launch logistics, storage, and industrial parks projects totalling Rs 40,000 crore in the coming weeks in an effort to boost the state’s industrial environment. While logistics and storage projects cost Rs 25,000 crore, private industrial park developments cost Rs 15,000 crore.
These developments are likely to boost UP’s chances of becoming India’s first trillion-dollar economy. The infrastructure projects are part of a larger plan to achieve Rs 1 trillion in projects to be announced by the UP State Industrial Development Authority (UPSIDA) during the forthcoming groundbreaking event in Lucknow.
According to Mayur Maheshwari, CEO of UPSIDA, the Authority finalized projects worth Rs 1.03 trillion for the celebration.
He went on to say that these projects cover logistics, warehousing, industrial parks, manufacturing, food processing, chemicals, vehicles, minerals, leather, and so on. The projects will be implemented in the districts of Ghaziabad, Kanpur, Chandauli, Gautam Buddha Nagar (Noida), Varanasi, Jhansi, Amethi, and Bareilly.
The event follows the UP Global Investors Summit (GIS) in February 2023, which enabled the state secure 19,000 investment offers worth about Rs 38 trillion.
The state government also intends to inaugurate projects worth Rs 10 trillion during the ceremony, which is being staged on a huge scale in order to position Uttar Pradesh as a favoured location for local and international investors.
The Yogi Adityanath administration will highlight ‘Brand UP’ during the World Economic Forum gathering in Davos next January.
Suresh Khanna, the state’s finance minister, and Nand Gopal Gupta Nandi, the state’s industrial development minister, will lead the UP delegation. They will inform the world public on the efforts being taken to create a UP trillion-dollar economy by 2027.
Simultaneously, the state is increasing its industrial land bank to serve the manufacturing and other industries.
Following the investors’ gathering, the government anticipated that 30,000 acres of land would be required. In this context, UPSIDA is planning to add 7,000 acres to its existing inventory of 15,000 acres.
During the occasion, UPSIDA inked over 500 memorandums of understanding worth Rs 3.15 trillion with various enterprises.
The Western UP area received the most investment offers, accounting for 60% of all intents with a potential job production of 340,000.
