The pace of development and investment started in Uttar Pradesh (UP) in 2017 by Yogi Adityanath is being followed in his second term also. The Yogi 2.0 is planning to organise a summit of investors, with a target secure about INR 10 lakh crore of investment. From organizing a dance party of Bollywood in Saifai Mahotsav to an investor summit, UP under Yogi has come a long way.
UP under Yogi – A favourite investment hub
Uttar pradesh plans investors' summit in July, eyes ₹10Lakh crore investments pic.twitter.com/CG3R2VJY1H
— Government of UP (@UPGovt) March 31, 2022
Earlier, investors and companies were reluctant to invest in UP, due to the deteriorated law & order and unfriendly business laws in the state. The prevalent riot, loot and violence had made the state a less interesting destination for companies to invest in.
But after BJP came to power, the improvement in law & order has helped the state to realize its potential to create employment and other opportunities for youngsters.
According to a report by The Economic Times, In Yogi’s first term in office, UP attracted more the INR 3 lakh crore of investment. The business-friendly reforms in policies and improvement in the law & order situation has helped to make it one of the top destination for investment. Earlier, the UP government had brought an investment worth INR 4.28 lakh crore In the UP investors Summit 2018 organized by the state.
The Gross State Domestic Product (GSDP) of UP for 2020 -21 is INR 19.4 lakh crore. It has secured the second spot in the GSDP leaving behind industrialized states like Gujarat & Tamil Nadu. Further export from the state increased to 33% due to the business-friendly policies, reported the Times of India.
From cultural programs under SP to Investors summits under BJP
Saifai Mahotsav was an annual cultural program organised during the tenure of the Samajwadi Party in UP. It is the birthplace of SP patriarch Mulayam Singh Yadav. It came into heavy criticism because thousands of crore rupees were spent on the dance program of the Bollywood celebrities where people were dying because of a lack of basic amenities like health, food or water.
The course change was brought by the Yogi government and the wastage of public money on extravagant functions was stopped. Moreover, Now the government has started to organise the business and investors summit to bring capital to the state.
The growth and development of a state depend on its sound economic policy. The investment or business brings capital to a state and helps in creating employment. The recurring effect of business, capital, employment and spending helps in the collection of taxes and further eases the life of common people.
UP under Yogi Adityanath is showing the path forward to other states. The parallel between maintaining law & order and investment is key to developing a state. The investment of INR 10 lakh crore targeted by the government is going to change the state of the state’s economy.