UP Investors Summit 2018: Yogi Government Signs MoUs Worth Rs 4.28 Lakh Crore On Day 1

Uttar Pradesh’s (UP) first ‘Investors Summit’ under the Yogi Adityanath government commenced today (21 February), with Prime Minister (PM) Narendra Modi inaugurating the event in Lucknow.

The two-day event will see the participation of 5,000 delegates across 30 sessions to be addressed by top industry leaders like Mukesh Ambani, Gautam Adani, Anand Mahindra and union ministers like Nirmala Sitharaman, Piyush Goyal, Smriti Irani etc. Representatives from countries like Japan, the Netherlands, Finland etc. are also among the visiting dignitaries.

The first day of the summit has already seen 1,045 Memorandums of Understanding (MoUs) worth Rs 4.28 lakh crore being signed, a figure that the UP Chief Minister (CM) remarked was equal to the state’s budget for the current year. He also stressed that he’ll himself oversee the execution of the projects being commissioned.

“It is a matter of pride for the state that fortune-500 companies are participating in this summit. I want to tell you all that till now we have signed 1,045 MoUs worth Rs4.28 lakh crore. I have recently presented budget of Rs4.28 lakh crore and the figure of MOUs signed is the same. We are heading towards new UP,” Yogi Adityanath said while addressing the summit.

Earlier, PM Modi announced a defence industrial corridor worth Rs 20,000 crore for Bundelkhand, the most backward region in UP, and said that it would generate 2.5 lakh jobs in the area.

Adani group announced investments worth Rs 35,000 crore in the state followed by Aditya Birla group with Rs 25,000 of investments. Mukesh Ambani too announced an additional Rs 10,000 crore investment into Reliance Jio with the aim of reaching every village in the state by 2018 end.

PM Modi also exhorted UP to compete with Maharastra to become the first Indian state with a trillion-dollar economy.

“This kind of competition will lead to development and generation of employment. Besides, this kind of healthy race will strengthen the spirit of competitive and cooperative federalism,” PM Modi said.