UP investors summit 2023: India superpower in the making?
At the Global Summit Investors (GIS) Summit in Lucknow, Reliance Industries Limited (RIL) announced it will invest ₹75,000 crore by rolling out 5G mobile services in the next 10 months, expanding its retail network and setting up 10 gigawatts of renewable energy capacity in the next four years in the state.
“Together, we will transform India’s most populous state into one of India’s most prosperous states, achieving a trillion-dollar economy within the next five years,” RIL chairman Mukesh Ambani said during his address to the summit on the opening day.
“Like India has become a centre of hope for the world, Uttar Pradesh has become a centre of hope for new India. You can see the excitement among the people, from Noida to Gorakhpur. Be it in terms of law and order, infrastructure, ease of doing business, Uttar Pradesh is emerging as India’s best state,” he added.
Reliance has invested ₹50,000 crore in Uttar Pradesh, which was committed during the 2018 summit, and generated over 80,000 direct and indirect jobs in the state, Ambani said.
he Aditya Birla Group pledged investments worth ₹25,000 crore across sectors in the state.
Addressing the summit, chairman Kumar Mangalam Birla said: “As an early investor in the industrial journey of the state, we feel enthused by the rapid progress that the state is making. Today, the state can rightly be considered as one of the key states driving India’s journey towards a $5 trillion economy. And therefore, we are committing further investments to the tune of ₹25,000 crore across our businesses; cement, metals, chemicals, financial services and renewable energy.”
Tata Group already has a significant presence in the state through steel, automotive, retail, financial and power firms, along with Tata Consultancy Services, he said. “Eighteen companies of Tata Group are deeply present in the state,” he said, adding 50,000 people are employed.
He said the state is “absolutely well placed” to become a “trillion-dollar economy when India will be $5 trillion and again become a $2 trillion economy by the time India reaches $10 trillion”.
The group already has eight manufacturing units in the state, employing around 10,000 people. It manufactures TV sets, LED lights and cell phones.
“These (new) units will manufacture telecom products, smart watches, and refrigerators. These will generate employment for around 10,000 people,” he said in his address.