Companies from around the world are lining up for investment in Uttar Pradesh, thanks to good governance and incentives being provided by the Yogi government. As per a report by Zee News, 40 foreign companies, including American companies, have proposed to invest about Rs 17,000 crore in UP in the last four and a half years of the Yogi Adityanath government.
Among these companies are some of the largest names in the corporate world including Adobe, Amazon, American Tower Corporation, Apple, Caterpillar, Delphi, Cisco, Deloitte, Emerson, Ernst & Young, Google, Johnson & Johnson, JP Morgan & Company, Lockheed Martin, Marriott International, MasterCard, Mondelez International, Carlyle Group, Walmart, Warburg Pincus, IHS Markit and USIBC.
Many companies including Adobe, Amazon, Microsoft, Delphi New Holland, Global Logic, Excel, PepsiCo, Synopsis, and Cargill are already operating in India while Microsoft, MACQ Software Noida and PepsiCo have stepped efforts to set up units in Uttar Pradesh.
The Akhilesh Yadav government projected itself as investment-friendly and tried to attract investment, but the foremost thing the companies seek, to start and project in a particular region is- rule of law. In the Akhilesh Yadav government, Uttar Pradesh has registered a rise in crime against industrialists and wealthy people. The leaders of the Samajwadi Party used to extort money from industrialists in the name protection and party fund, and many were killed in daylight because they refused to contribute. Therefore, the tycoons were scared to invest in the state.
However, after Yogi Government came to power, the first thing to get fixed was the policing system. The government made active investments in policing and increased the budget by double digits. With the investment in policing and political backing, many criminals were encountered, and the corrupt leaders who extorted money from industrialists were put behind bars.
Now, Uttar Pradesh is one of the most efficiently administered parts of the country, and the ‘rule of law prevails in the state. Therefore, the industrialists have no qualms about over-investing in the state, which is not just being governed efficiently, but the government is also providing various incentives for investment.
South Korean electronics manufacturers are ready to invest and move their factories to Uttar Pradesh from China. It seems that country after country is rushing to shift their factories to Uttar Pradesh, given the availability of cheap labour, a strong pro-active government, and investment-friendly policies.
The Yogi government has organized various investor summits and expos in the last few years to attract private investment. These events have been quite successful, with the promise of investment worth 4.68 lakh crore rupees in the UP Investor summit and more than 70,000 crore rupees in the defence expo organized a few months ago.
The Yogi government has been proactive in dealing with Coronavirus and has already set up committees to assess the financial and social impact of lockdown on 11 sectors- industry, construction, revenue, labour, education, agriculture, social welfare, rural development, urban affairs, water and handicapped welfare. The Yogi government must be applauded for transforming the state from a nightmare for industrialists to heaven for law-abiding companies.