Global Investors Summit: Uttar Pradesh braces itself for challenge as more states vie for investment

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More states are vying for investment at a time when Uttar Pradesh aims to attract 10 lakh crore investment and has decided to hold the Global Investors Summit (UPGIS-2023) in Lucknow from February 10 to 12, 2023.

For instance, Madhya Pradesh will host a similar event at Indore in January 2023. Punjab proposes a summit in February 2023 while Andhra Pradesh is planning to hold such an event in March 2023.

Besides, Karnataka and Rajasthan have organised similar events in recent weeks. This may make UP’s task more challenging.

As per claims, the Uttar Pradesh Investors Summit held in Lucknow in February 2018 had attracted investment worth 4.68 crore and proposals worth 3 lakh crore have been implemented in the past five years.

On whether the state government will be able to get investment proposals worth 10 lakh crore at the UPGIS-2023, the UP government authorities either remained inaccessible for comment or asserted there was no competition.

“The U.P. government has worked out policies and chief minister Yogi Adityanath launched a curtain raiser for the UPGIS-2023 in New Delhi early this week. The state government proposes to hold road shows in seven major cities of India and nearly about 26 cities in 20 countries across the globe. So, the U.P. government does not face any competition,” said an official functionary.

Those aware of the developments, however, agree that the growing competition among the states may be a cause for concern.

“Almost every state is holding its own event like the investors’ summit to attract investment. The competition among the states will make U.P’s task more challenging. The reports of approaching recession will make the task more difficult. The state government has already worked out its policies ahead of UPGIS-2023 and should expeditiously resolve problems of industry to ensure that the operational units become U.P’s brand ambassadors to bring more investment to the state,” said Alok Ranjan, former chief secretary of Uttar Pradesh.

Prime Minister Narendra Modi, while inaugurating the UP Investors Summit in February 2018, had mooted the idea of competition among states to attract investment. He referred to his association with the investors’ summit as chief minister of Gujarat and later with the UP Investors Summit-2018 as the PM.

“Can Maharashtra and Uttar Pradesh compete with each other to become trillion dollar economy? Will the Uttar Pradesh government compete with other states? The more the competition, the more will be the investment. This will result in creation of more jobs and strengthen the concept of cooperative federalism,” he had said.

“Yes, many states are holding mega events to attract global and domestic investors. This is good on two counts. Firstly, it shows that the states have realised the importance of pushing investment and growth to higher levels that ultimately result in generating employment and improving the standard of living of people. Secondly, healthy competition among states would compel them to adopt and implement the policies that are friendly to investors, businessmen and entrepreneurs. Big ticket investment would also help local MSMEs to benefit from increased growth impulses. U.P. with its top class infrastructure, connectivity, stable polity and improved law and order should turn out to be an attractive destination for potential investors and enable it to realise it’s dream of a trillion dollar economy,” said Professor Yashvir Tyagi, former head of department of economics, Lucknow University.

The state government had initially proposed the UPGIS-2023 to be organised in January 2023. It decided to defer the dates for UPGIS-2023 to February 2023 to avoid clash of timings with other states. Chief minister Yogi Adityanath, deputy chief ministers Keshav Prasad Maurya and Brajesh Pathak and some senior cabinet ministers will lead the state government’s 10 teams to hold road shows or meetings in about 26 cities in 20 countries to attract investment to Uttar Pradesh.

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  • ABOUT THE AUTHOR

    Umesh Raghuvanshi is a journalist with over three decade experience. He covers politics, finance, environment and social issues. He has covered all assembly and parliament elections in Uttar Pradesh since 1984.