Assocham, an industry body, has stated that Uttar Pradesh now has the best environment for setting up business and one of the best investment opportunities.
Deepak Sood, Secretary General of Assocham, stated that the government is taking steps toward industries and trying show them investment opportunities.
This is a positive step and will benefit not only the economy of Uttar Pradesh, but also the entire country. Sood was in Lucknow to attend a two-day conference organised by Assocham under the ‘Environmental Security and Green Energy Friendly Campaign.
Sood spoke with PTI about the events that will be held in Lucknow from February 10-12, during the Global Investors Summit.
When asked about the chances of the summit’s success, he replied, “As far Uttar Pradesh is concerned it has very strong opportunities to attract investments.”
“Uttar Pradesh has the third largest economy in the country. Its connectivity with other states and the businessmen’s experiences regarding the state is also encouraging. Businesses look for a stable and strong policy, as well as better law and order. Both of these are now very positive factors in Uttar Pradesh, something that was not possible earlier,” he stated.
Sood stated that Assocham members have recently invested in Uttar Pradesh. Their experiences were very positive and that the pace of work in the industrial sector is amazing.
He spoke out about the government’s efforts to encourage industrial investment. This is a positive step.
He said that the Greater Noida data center, which was one of the most important in the country, was built in a short period. It is admirable that the government promotes industries in the state. It is encouraging to see the progress made towards industrial development under the leadership and guidance of Chief Minister Yogi Amityanath and Prime Minister Narendra Modi.
When asked about the government’s goal of making Uttar Pradesh a trillion dollar economy, Sood stated that it was a large target but that if there is enough capacity in sectors such as automobile, hardware, and electronic hardware, there is unlimited potential in UP.
Small targets are necessary to reach the goal of creating a trillion-dollar economy. First, the USD 500 billion target must be met. Next, the goal of USD 700 billion should be met. Then one-trillion dollars should be reached. However, the goal of one trillion dollars should not be seen as an end. UP must think beyond that,” Sood stated.
He explained that a continuous pipeline was needed. This will require land availability, basic infrastructure and water clearances. Upgrading of workforce and market development will be necessary. The state’s overall per capita income will also need to be improved. I believe that UP will be able to become a one-trillion-dollar economic powerhouse. The government is currently working on a roadmap.
The Assocham Secretary-General responded to a question about the delay in getting investment agreements on the ground. He said that there are many talks about an investment agreement. One deal need not be completed in a year. It takes time to put in many investments.
MoUs can be used to indicate a pipeline. MoUs must also be viewed from the perspective of how big is the investment potential. To make investment agreements on the ground possible, it is important to determine how much infrastructure and allied infrastructure are needed.
Sood was asked about Assocham’s role in Global Investors Summit. He said that all of its members would participate in the summit. “It is evident that the government requires investment, but a business is searching for opportunities.”
Uttar Pradesh’s Yogi Adityanath government is organizing the Global Investors Summit in Lucknow, February 10-12. The investment target for this summit is Rs 17 lakh crore.
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