If there is one industrial-friendly city in India which investors, businesses and entire industries throng to with no doubts in their mind, it is Noida in Uttar Pradesh. For quite some time now, Noida has been achieving many feats in attracting investors and businesses to itself. However, after 2017 – when the Yogi Adityanath government took over the reins of Uttar Pradesh, Noida’s growth has known no bounds. Noida is fast emerging as the undisputed business hub of India with nothing pulling it back, and the credit for it goes straight to the business-friendly environment created by the Yogi government.
Noida has received the maximum investment in the last four and a half years among all districts in India. During the said period, Noida received about Rs 64 thousand crore investments that helped it in creating more than 4.5 lakh jobs. Zee News reported that as a result of the massive investments, Gautam Budh Nagar has now become the largest industrial investment district in the country.
In the last one-and-a-half years alone, the three authorities responsible for the management of Noida – namely Noida Industrial Development Authority, Greater Noida Industrial Development Authority and Yamuna Expressway Industrial Development Authority – have sold more than 3 thousand pieces of land to investors from across the country and abroad.
In total, more than 3 thousand investors are setting up their units in Noida by investing Rs 64,362 crores. On its part, the Noida Authority has already employed 1.5 lakh, people, by investing about Rs 22 thousand crores in the last four and a half years.
Until recently, Kanpur used to be the financial capital of Uttar Pradesh. One of the measures that can be deployed to assess the financial capital of any state is to find out which city pays the highest income and corporate tax. Another measure could be the per capita income of the cities. And, in both of these prominent measures, Noida ranks miles ahead of Kanpur. As per data from the Department of Economics and Statistics, UP, Gautam Buddha Nagar District, which comprises Noida and Greater Noida, had a per capita income of a staggering 3,68,081 lakh rupees per annum as of 2018.
The Yogi Adityanath government is aggressively pitching Noida as the industrial and service sector hub of North India and a symbol of the New Indian economy. Apart from textiles, electronics manufacturing, film city, media and many other new sectors, even the existing IT companies are expanding their campuses in Noida and many international companies including Microsoft have turned to the city recently. Noida has risen exponentially on the city index of the country, riding on Information Technology enabled services and media businesses, which are flocking in the city given its efficient administration and world-class infrastructure.
Earlier this year, IKEA, which has the same brand value in the global furniture industry as the iPhone in the global smartphone industry, announced to set up its first furniture shopping centre in Noida, Uttar Pradesh. The company said that it will invest 5,500 crore rupees in the financial capital of Uttar Pradesh to open the shopping centre.
TFI had reported in June this year, the displays of Samsung, that are used in the company products as well as other consumer electronics players, will now be manufactured in Noida. The company’s facility in Noida, which is being expanded to accommodate display manufacturing, already employs more than 70,000 people and 50 lakh phones are manufactured every year. Now, the production will double with around 1.2 crore phones every year, and these phones will be sold in India as well as other developing and developed countries.
Uttar Pradesh has the existing capacity to replace China as the ‘factory of the world’ with a population of 22 crores and young demography. Unfortunately, the state has not had an investment-friendly government before, but under Yogi, things have been moving rapidly. The Yogi government must be applauded for transforming the state from a nightmare for industrialists to heaven for law-abiding companies. The city of Noida is emerging as the most attractive business destination in the country, thanks to the pro-industry environment and various incentives being provided by the Yogi government.