Uttar Pradesh attracted investment proposals worth over Rs 40 lakh crore in 2023 and is moving forward towards becoming a trillion-dollar economy.
After the Uttar Pradesh Global Investors Summit 2023, the flow of investment is progressing in the state. This initiative is expected to create employment opportunities for one crore youth in the state.
Notably, efforts are underway to implement these investment proposals on the ground. In the initial months of 2024, projects worth Rs 15 lakh crore will be launched in the first phase of the Ground Breaking Ceremony. Some of these projects have grabbed headlines and are swiftly moving towards implementation.
The Yogi government is in the process of developing a Bulk Pharma/Drug Park in Lalitpur in two phases over 1,472 acres across five villages. Currently, the first-phase work of preparing the detailed project report, mapping, soil sampling, and the process of structural development is underway, covering an area of 300 acres.
In Greater Noida, the development work of Film City, Logistics Park, Medical Device Park, Data Centre Park, Electronic Manufacturing Cluster, Dedicated MSME Apparel, Handicrafts, and Toy Park in Sector 21 is progressing well. The allocation of land and the structural development process for investors in Logistics Park, Medical Device Park, Data Centre Park, and Electronic Manufacturing Clusters are underway. The focus is on facilitating the establishment of manufacturing plants for major companies in the Electronic Manufacturing Cluster by allocating land and completing other processes.
Meanwhile, the process of developing industrial and commercial spaces in Dedicated MSME Apparel, Handicrafts, and Toy Parks has been initiated. All related land allocation schemes and development processes for these projects are being completed by the Yamuna Expressway Industrial Development Authority, Greater Noida Industrial Development Authority, and the Uttar Pradesh State Industrial Development Authority.
In Lucknow, the process of developing an Artificial Intelligence (AI) City has begun in Nadarganj. The Uttar Pradesh Electronics Corporation Limited (UPECL) will undertake the development of this proposed city under the Uttar Pradesh Electronics Manufacturing Policy (UPEMP). In the first phase of the project, construction will take place for an AI-based Cyber City on a 40-acre land parcel.
This project will include well-designed Grade-A certified commercial spaces for IT companies, state-of-the-art data centres, Grade-A flexible workspaces, and tech labs. Additionally, the development plan includes the construction of luxury and affordable housing complexes along with commercial spaces, a recreation area, green spaces, and various world-class amenities.
The Gorakhpur Industrial Development Authority (GIDA) is in the process of developing Plastic and Toy Parks in Gorakhpur in several phases. Many plants have already been established while work is underway to develop others. In 2023, GIDA allocated plots to investors through various plot allocation schemes for setting up plants under this project. The state government is providing incentives and necessary facilities to such investors to encourage their efforts.
The Uttar Pradesh Defence Corridor initiative aims at meeting the defence requirements of the country and making the nation self-reliant. Under this project, the manufacture of various defence equipment, including BrahMos missiles, will be undertaken in the state in the coming years. With this objective, the Uttar Pradesh Expressway Industrial Development Authority is conducting surveys and carrying out air, water, and soil tests in various designated areas under the Defence Corridor.
After the completion of these processes, it is expected that the projects will gain momentum in 2024.
The development process of the Purvanchal Industrial Corridor was initiated in Uttar Pradesh in 2023. It spans 5,800 hectares along the banks of five expressways. The Uttar Pradesh Expressway Industrial Development Authority is overseeing the development of corridors along the Agra-Lucknow Expressway, Purvanchal Expressway, Bundelkhand Expressway, Gorakhpur Link Expressway, and the Ganga Expressway.
In particular, the development of the Purvanchal Industrial Corridor is taking place on 1,586 hectares of land across five sites along the Purvanchal Expressway. This project incurs a cost of Rs 2,300 crore. Similarly, along the Ganga Expressway, 11 sites covering 1,522 hectares of land are undergoing development with a budget of Rs 2,300 crore. Along the Bundelkhand Expressway, development is underway on 1,884 hectares of land across six sites, with a budget of Rs 1,500 crore. The Agra-Lucknow Expressway is witnessing development on 532 hectares across five sites with a budget of Rs 650 crore. Lastly, along the Gorakhpur Link Expressway, two sites covering 345 hectares of land are undergoing development with a budget of Rs 320 crore.
Aiming to develop Bundelkhand, plans were made in 2023 to create another industrial city and promote the region’s development near Jhansi on the lines of Noida. The Bundelkhand Industrial Development Authority (BIDA) is in the process of acquiring land for this city, spanning 35,000 acres across 33 villages near Jhansi. Simultaneously, the administrative procedures for the operation of the authority are also underway.
It is hoped that in 2024, this project will progress rapidly. The Yogi government has allocated a budget of Rs 5,000 crore for the development of this city.
In Lucknow, Ashok Leyland, counted among the country’s largest commercial vehicle manufacturers, is in the process of establishing and developing its e-bus manufacturing plant. It is noteworthy that in September, the company obtained approval from CM Yogi for setting up the plant on a 70-acre site. As part of the project, it is anticipated that by the Mahakumbh event in 2025, the state government will have 5,000 e-buses manufactured at this facility. It is believed that the plant will be fully operational by mid-2024.
Japanese company Fuji Silvertech has committed to the Uttar Pradesh government to establish a plant in the state with a significant investment in 2023. This is the first company to benefit from the new FDI policy in UP. It is being provided with 25 acres of land by the Yamuna Expressway Industrial Development Authority. The company specializes in manufacturing large concrete mixer vehicles, and it will develop the plant in the state in three phases. The establishment of this plant is expected to generate employment opportunities for 700 people.