UP industrial development minister Satish Mahana on Friday said the Mumbai roadshow had accrued the maximum investment proposals totalling about Rs 1.25 lakh crore, followed by New Delhi with Rs 27,000 crore. Two more road shows would be held in January 2018 at Kolkata and Ahmedabad.
Mahana also reviewed the preparations for the mega event, which is being aggressively marketed and promoted by Yogi to boost ‘Brand UP’ and give impetus to the industrial development.
Meanwhile, Mahana said the state was undertaking proactive steps to attract investment, improve law and order and create a conducive doing business environment, which had already started to give rich dividends.
The government is preparing a blueprint to give Lucknow a massive facelift for the big ticket summit, which is likely to be inaugurated by Prime Minister Modi. Invitations are being sent out to the PMs of several other countries and ambassadors of some countries. About 5,000 guests, including top industrialists and investors from across India and the world, are expected to attend the two-day summit.
In fact, the government is trying to replicate ‘Vibrant Gujarat’ model to attract big-ticket investors. Vibrant Gujarat, termed as the Davos of the East, is the biannual global investors’ summit started by Modi during his stint as the CM of his home state. The summit successfully promoted Gujarat as a top investment destination and cultivated a pro-business image for the state. The last Vibrant Gujarat edition was held in January 2017.
Gujarat pegs its investment conversion rate at 70 percent, although the opposition counters this claim. Nonetheless, Vibrant Gujarat is the most recognisable investors’ asset in India and has forced other states to follow suit, including UP, West Bengal, Rajasthan etc.
Vibrant Gujarat had emulated the Davos Forum concept to attract global investors and business leaders, although it has lost some of its sheens after Modi shifted to the Centre on becoming the PM.
In UP, a dozen investment areas have been identified to be showcased at the summit viz. agriculture, agro-based industry, food processing, MSME, IT & electronics, tourism & manufacturing.
During Mayawati and Akhilesh Yadav regimes, investment proposals worth Rs 50,000 crore were received in UP. However, most proposals proved to be mere photo-ops and never materialised due to the sloppy follow-ups, policy flip-flops and perception of bad law and order.