UP Has Much Better Environment For Setting Up Industry Than Before: Assocham

Amid ongoing preparations for Global Investors Summit in Uttar Pradesh next month, industry body Assocham has said the state now has a much better environment for setting up industry than before besides having one of the best investment opportunities.

Assocham Secretary General Deepak Sood said the government itself is now taking steps towards industries and trying to show them investment opportunities.

This is a very positive step and will not only benefit the economy of Uttar Pradesh but also the whole of India, said Sood who was in Lucknow for a two-day conference organized by Assocham on January 20-21 under 'Environmental Security and Green Energy Friendly Campaign'.

Sood spoke to PTI about the events to be held in Lucknow on February 10-12 during the Global Investors Summit.

Asked about the prospects of success of the summit, he said, "As far as Uttar Pradesh is concerned, it has very strong and vast opportunities to attract investments."

“Uttar Pradesh is the third largest economy of the country, its connectivity with other states is very good and now the experiences of businessmen regarding the state are also very encouraging. Businesses consider a strong and stable policy and better law and order as the criteria. Now both these things are very positive in Uttar Pradesh, which was not there earlier," he said.

Sood said that recently several members of Assocham have invested in Uttar Pradesh and their experiences have been very good, and the pace at which work is being done in the industrial sector in UP is unbelievable.

Referring to the government's efforts for industrial investment, he said, "The government itself is taking steps towards industries, trying to show them opportunities and encouraging them to invest in the state. This is a very positive step."

About the data centre set up in Greater Noida, he said, "This data centre, which is amongst the largest centres in the country, was completed in a very short time. The way the government is promoting industries in the state, is laudable. The work being done towards industrial development under the leadership of Chief Minister Yogi Adityanath and the guidance of Prime Minister Narendra Modi is very encouraging."

Asked about the government's target of making Uttar Pradesh a trillion- dollar economy, Sood said, it is a big target, but if the capacity is created in sectors like automobile, hardware and electronic hardware, there is infinite potential in UP.

"To achieve the target of making UP a one-trillion-dollar economy, small targets have to be set. First the target of USD 500 billion has to be achieved. Then the target of USD 700 billion and then one-trillion-dollar should be achieved. But the target of one-trillion-dollar should not be considered as an end, UP has to think beyond that as well," Sood said.

Explaining further he said, "Actually a continuous pipeline is needed. For this, availability of land, basic infrastructure, water and environmental clearances, upgradation of workforce and market development will have to be done and overall per capita income of the state will also have to be increased. The government is working by making a road map on these aspects and I am hopeful that UP is in a position to become one-trillion-dollar economy."

To a question on delay in getting the investment agreements on the ground, the Assocham Secretary General said, "There are a lot of talks about an investment deal. It is not necessary that one deal should get on the ground within a year. Many investments take time to implement."

"MoUs are an indication of a pipeline. MoUs should also be seen from the point of view of how much investment potential is there. For that, how much additional infrastructure and how much allied infrastructure is needed, so that investment agreements can be implemented on the ground. "

Asked about the role of Assocham in Global Investors Summit, Sood said , all its members will participate in the summit. "It is obvious that the government needs investment but a business is looking for opportunities."

The Yogi Adityanath government of Uttar Pradesh is organising Global Investors Summit in Lucknow from February 10-12 with an investment target of Rs 17 lakh crore.

Preparations for this are in full swing. The chief minister himself is taking stock of these preparations. Efforts are being made to make this summit a milestone in terms of industrial investment in the state.