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Indian state attracts investors for power projects

dubai - Uttar Pradesh is reaching out to foreign investors on a regular basis, says minister

India's most populous state Uttar Pradesh, which is on a fast industrialisation mode, is seeking foreign investment to boost its power infrastructure.

Satish Mahana, the state's minister for industries, said his state is reaching out to foreign investors on a regular basis and providing them all necessary facilitation.

The minister said the state recently organised an 'Investor Summit' that has received many investment proposals. The state government has also organised various roadshows to drum up investments into industries.

"We have launched an 'Industrial Investment and Employment Generation policy' and other policies with attractive fiscal and non-fiscal incentives. To complement this, the state has launched one of the best single-window mechanisms in the world to provide clearance to all investors without any hassle," said Mahana, who is taking part in the 8th Annual Investment Meeting in Dubai.

He said Uttar Pradesh is expanding several renewable energy projects that have the potential to generate 2,800MW solar power to speed up the ongoing industrialisation drive.

The state is offering global investors multiple opportunities. The infrastructure sector in UP is thriving. "We have opportunities across the region and sub-sector in infrastructure as demand for products and service is increasing across the globe."

He said the state will serve as a manufacturing and innovation hub. "We have the potential to produce 28GW of renewable energy. Being one of the largest food-producing states, Uttar Pradesh has immense opportunities for agro and food processing industries. The state with its abundant skilled labour force can emerge as an IT and electronics hub. UP also has a vibrant tourism sector, having the second highest tourist footfall. There exists diverse investment opportunity in this sector."

"We are working towards sustainable industrialisation based on our inherent strengths - utilising our own resources to build the economy," Mahana said.

He said the state government is working for the goal of sustainable industrialisation that leads to employment generation. "Uttar Pradesh is blessed with inherent strengths. We will develop and effectively utilise our strengths so that industrialisation remains inclusive and leads to regional development."

The minister said the state government is making all possible efforts to generate an investor-friendly environment. The government is enforcing its policy of ease of doing of business and industrial security so that industries can operate without any hindrance.

He said the state's new solar power parks in Allahabad, Mirzapur, Kanpur Dehat and Jalaunn have a total capacity of 440MW. These parks will reduce carbon dioxide emissions by hundreds of thousands of tonnes and will save millions of trees.

- issacjohn@khaleejtimes.com