Uttar Pradesh (UP), India's most populous state, is setting its sights on a monumental economic transformation. With a vision to become a $1 trillion economy by 2030, the state is implementing a multifaceted approach to attract investments, enhance industrial growth, and improve the ease of doing business. Central to this vision is the role of "Udyami Mitras"—investment facilitators who bridge the gap between investors and the state government.
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| Launch of "UDYAMI MITRA" Booklet by Hon'ble Minister |
The Role of Udyami Mitras
The Udyami Mitra initiative is designed to provide personalized assistance to investors, guiding them through the complexities of setting up businesses in UP. These facilitators are expected to ensure that Memorandums of Understanding (MoUs) signed during investment summits are promptly acted upon. However, recent developments have highlighted challenges in this process.
Challenges in MoU Implementation
In a recent review meeting, Uttar Pradesh's Industrial Development Minister, Nand Gopal Gupta 'Nandi', expressed concerns over the pending status of several MoUs. These MoUs, signed during the Global Investors' Summit in February 2023, were not progressing as expected. Minister Nandi questioned Udyami Mitras from districts like Hathras, Kanpur, and Lucknow about the delays and emphasized the need for proactive follow-ups with investors. He stressed that the state's investment-friendly image, cultivated through efforts by Prime Minister Narendra Modi and Chief Minister Yogi Adityanath, must be upheld by efficient implementation at the ground level.
Strategic Initiatives for Economic Growth
To achieve the $1 trillion economy goal, UP is focusing on several strategic initiatives:
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Industrial Land Utilization: Chief Secretary Manoj Kumar Singh suggested forming a dedicated team to identify and repurpose land from closed mills and factories for new industrial projects.
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Ease of Doing Business (EoDB): Efforts are underway to streamline investment processes by eliminating approval delays and enhancing transparency through digital platforms.
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Sectoral Focus: Key sectors such as real estate, IT, and manufacturing are being prioritized to attract investments. For instance, the state aims to construct 64 lakh homes in urban areas over the next five years, requiring an investment of Rs.7.3 lakh crore. Private real estate companies are expected to contribute 65% of the cost, with the remaining 35% from government authorities.
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Institutional Support: The launch of the "Udyami Mitra" book and upgrades to the 'Nivesh Mitra' portal are part of efforts to boost investor confidence and provide comprehensive support to businesses.
Final Words:
Uttar Pradesh's ambition to become a $1 trillion economy by 2030 is both commendable and challenging. The success of this vision hinges on the effective implementation of policies, timely execution of MoUs, and the active involvement of Udyami Mitras. By addressing existing challenges and leveraging strategic initiatives, UP can pave the way for sustainable economic growth and become a model for other states in India.
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