UP emerging as business-friendly State, says YOGI Govt
LUCKNOW, June 10 (The CONNECT) - The interest in innovative and unconventional business ideas in the recently-held ground breaking ceremony-3 in Lucknow is seen as emergence of Uttar Pradesh as a business and industry-friendly state, where out-of-the-box ideas can flourish.
In the GBC-3, Prime Minister Narendra Modi chaired the ceremony where work on more than 1,400 projects worth Rs 80,000 crores started in the presence of industry and business luminaries such as Gautam Adani, Kumar Mangalam Birla, Niranjan Hiranandani, Matthew Eyries and Vijay Shekhar Sharma.
Around 85% of the total number of 1,406 projects are in the micro, small and medium enterprises (MSME) category (less than Rs 50 Crore investment), while most mega investments are coming up in sunrise sectors like Data Centre (25%). Other investments are in the sectors like Agri & allied (14%), IT & Electronics (10%), Infrastructure (8.2%), Manufacturing (8%), Handloom & Textile (7%), Renewable Energy (6%), etc. spread across regions viz. Pashchimanchal (73%), Purvanchal (12%), Madhyanchal (11%) and Bundelkhand region (4%).
Startups like NewSpace Research and Technologies Pvt Ltd, Allen & Alvan Pvt Ltd. have chosen Uttar Pradesh as their destination for setting up High Altitude Pseudo Satellite UAVs, Air launched Flexible/ Heavy lift drones and Drone security system projects at Aligarh.
The State Government proactively launched Oxygen Production Promotion Policy in May 2021 to attract investments in the sector, and seven projects worth Rs 500 crores have been felicitated at GBC-3 for setting up plants to manufacture oxygen and other industrial gases. Some notable investors include- France based Air Liquide investing Rs 300 Crores and INOX Air Products investing Rs 150 Crores. Other innovative projects such as Addverb Technologies’ investment worth Rs 500 Crores for developing Robotics and Warehouse Automation technology and NTPC’s two Floating Solar Power projects 20 MW each were also part of GBC-3.
The UP Index tweeted that the Adani Group is in the process to setup South Asia’s largest ammunition complex in Kanpur node of defence corridor. This will be largest private investment in UP’s defence corridor. Could be game changer for defence manufacturing in UP, the tweet said.