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IOD Special Talk - From Agrarian Roots to Industrial Heights: Uttar Pradesh's Journey to Become a Global Investment Magnet
Thank you so much to the Institute of Directors (IOD) for giving me this opportunity to present the growth story of Uttar Pradesh and showcase the immense opportunities that the state offers as a new and emerging investment destination.
Over the past few years, Uttar Pradesh has transformed from being primarily an agrarian state to one of the fastest-growing investment hubs in India.
If we talk about infrastructure, Uttar Pradesh boasts the largest network of expressways among all Indian states. We are also developing the Jewar Airport, which will be the largest in Asia, along with rapid transport systems such as the Meerut-Delhi, significantly reducing travel time to the national capital. The state serves as a booming market for new companies and provides strategic connectivity through the eastern and western dedicated freight corridors. In addition, our inland waterways, including the Yamuna and Ganga rivers, open tremendous opportunities for logistics and trade.
Uttar Pradesh's demographic advantage is that it has a population of nearly 30 crores, with 56% in the workingage group, which is one of the highest proportions in India. The state is home to more than 8,000 higher education institutions, including over 72 universities and flagship institutes such as IIT Kanpur, IIM Lucknow, IIT-BHU, and MNNIT Prayagraj, all of which are some of the best colleges in the country and also enjoy a worldwide reputation.
The startup ecosystem is thriving here, with over 580 EdTech startups and more than 10,000 startups overall. We also have 60,000+ incubation centers, making Uttar Pradesh a 'Leader State' in the startup space. The government provides robust policy support and incentives to encourage entrepreneurship and innovation.
Uttar Pradesh offers some of the best industrial policies in the country, featuring attractive incentives for sectors such as food processing, chemicals, tourism, Global Capability Centers (GCCs), FinTech, leather & textiles, electric vehicles, and more. We are witnessing a 15% year on - year growth in manufacturing and 12% growth in exports over the last five years, contributing to nearly 32% of India's total exports.
The Key Industrial Growth Area centers on:
• Defense Industrial Corridors, which has been launched recently
• Tourist Circuits: Ramayana Circuit, Buddhist Circuit, Eco-tourism Circuits
• Chemical & Pharma Parks: Plastic Parks, Perfume Parks, Pharmaceutical Parks
• Bundelkhand Industrial Region
• Dadri-Noida-Ghaziabad Investment Region
• Textile Parks
• ESDM Clusters, including Semiconductor Parks coming up in YEIDA
• Manufacturing Clusters in Agra and Prayagraj, Food Parks in Bareilly, and flatted factories in other regions
I am proud to share that Uttar Pradesh was recognized as the 'Top Achiever State' in Ease of Doing Business in 2022. We were also ranked as an 'Achiever State' in the Logistics Ease Across Different States (LEADS) survey.
We are soon launching a new Single Window Portal that will act as a one-stop solution for all regulatory requirements within the next five months.
At the last Uttar Pradesh Global Investors Summit, graced by the Hon'ble Prime Minister Narendra Modi, we hosted delegates from over 40 countries, 10 partner nations, and 25,000 participants. We signed over 19,000 MoUs, securing investment intents worth Rs.33.5 lakh crore.
Some key policies include:
• FDI & FCI Investment Promotion Policy 2024: Offers land at an upfront subsidy of 75-80%, making it one of the most attractive policies for reducing capital investment costs. It also provides a fast-track process for land allotment, particularly in the NCR region near Jewar Airport.
• Industrial Investment & Employment Promotion Policy 2022: One of the best policies in India for manufacturing, offering capital subsidies, SGST refunds, land rebates, and more.
If I put forward the question: Why Uttar Pradesh?
The answer is that it is because we provide one of the most efficient digital ecosystems for business facilitation:
• Nivesh Mitra: A single-window system for all NOCs and licenses
• Nivesh Sarthi: An online portal to track investments from intent to commercial operations
• Online Incentive Management System: Managed by Invest UP to ensure timely approvals, land allotment, and resolution of investor issues
At the last Uttar Pradesh Global Investors Summit, graced by the Hon'ble Prime Minister Narendra Modi, we hosted delegates from over 40 countries, 10 partner nations, and 25,000 participants. We signed over 19,000 MoUs, securing investment intents worth RS.33.5 lakh crore. Out of this, land worth Rs.10 lakh crore has already been allotted, and projects worth Rs.5 lakh crore have successfully commenced commercial operations.
This year, we are planning another Global Summit in December, targeting investment intents worth Rs.10 lakh crore. We are fully prepared with a land bank along expressways and new industrial corridors.
In conclusion, I invite all investors and business leaders here to join hands with us and become part of the success story of Uttar Pradesh. A state on the rise, offering unmatched opportunities for growth and investment.
Thank you!
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Mr. Shashank Chaudhary, IAS
Additional Chief Executive Officer Invest UP, Government of Uttar Pradesh
Owned by: Institute of Directors, India
Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
