Lucknow: Defence Minister, Rajnath Singh presided over the 18th Indo-US Economic Summit which saw the session being held in partnership with partner State – Uttar Pradesh.
Arvind Kumar IAS, ACS Industry, IT & Electronics, Govt. of U.P. talked about bringing in investment in U.P. with the help of IACC and North India embassy. U.P. is in the process of opening up all sectors post the Covid-19 pandemic. U.P. has a strategic and geographic location and ranks no 2nd in ease of doing business in India. It has effective law and order, abundant human resources and land bank availability. U.P. has put a lot of focus on infrastructure upgradation with rapidly growing rail, road and air connectivity. Emphasis of UP govt on expressways with the Purvanchal and Bundelkhand expressways has increased access to land banks connecting major freight corridors that run through U.P. which will make transportation and create tremendous opportunities for investment. The Jewar International Airport which will become operational by 2024 will expand investment opportunities and multi modal terminals in Varanasi and Greater Noida will improve logistics. U.P. has initiated a number of policies to attract post pandemic investment. U.P’s new policy framework has pushed 20+ sectoral policies providing investment incentives such as capital subsidy, SGST refund, R&D incentives and skill development subsidy. Post Covid new policies: data centre policy, start-up policy 2020, new electronics policy, oxygen production promotion policy will help in investor facilitation said Kumar.
He said – PM Modi has launched a defence corridor in Aligarh and about 5000 acres of land will be used for defense and aerospace manufacturing further boosting foreign investment. U.P. has declared 10 of its cities as Model Electric Mobility cities for adoption of Electric Vehicles. It has also sanctioned 207 charging stations which will further help in attracting foreign technology and industrial investments. State Govt. has set up a USA investment desk to ease investment proposals from US investors. Over 96 investment proposals worth USD 9920 million have been received. So far, over 790 projects are at various stages of implementation.
Michael Rosenthal, Director, North India U.S. Embassy said North India council IACC has closely worked with the North India US Embassy towards strengthening Indo-US trade and business relationship. The recently opened Lucknow Branch under the leadership of Mukesh Singh will provide more opportunities for strengthening US-India relationship through Uttar Pradesh.
U.P. is important because of its people, diverse culture, benchmark universities and immigrants who have helped develop a strong bond between U.P. and America and is critical for advancement of business ties between the U.S. and India.
Experts from the US have shared best practices with each other. US firms have increased investment in IT, pharmaceuticals and electronics. US – India relationship is a comprehensive global strategic partnership that will help contribute towards economic development, climate change mitigation, anti-terrorism, defense, and post Covid-19 recovery and growth.
US-India relationship has contributed towards Indian economic growth and vice-versa. Recovering from COVID 19 is a very important time for further economic investment in India.
Barnik Maitra, Managing Partner & CEO, India & South Asia, Arthur D. Little India Pvt Ltd said – 1/5th of India’s population lives in U.P. but the GDP contribution of U.P. is only 10%. This provides a huge opportunity for economic development and growth in infrastructure in order to reach the 5 trillion economy goal set forward by PM Modi. Brand repositioning of U.P. must be done to market U.P. better in the eyes of foreign investors so more FDI can be realised. Priority sectors which need FDI are Food processing and agro-processing industries. U.P. can become an Electronics and Defense manufacturing hub. India can be a good alternative for any global manufacturing company outside of China and U.P. can help facilitate that. Ayodhya can be the Vatican of the east by attracting investments towards infrastructure and leveraging new green technology to build a new smart city that is a tourism hub of India.
The guests and eminent speakers were welcomed by Mukesh Bahadur Singh , Chairman, Lucknow Chapter & Executive Council Member, Indo-American Chamber of Commerce & the entire session was moderated by shri Singh.