UP Global Investors Summit: RIL To Pump In Rs 75K Cr, Expand 5G By Year-end

Reliance Industries (RIL) chairman Mukesh Ambani on Friday announced that his group would invest an additional Rs 75,000 crore in different sectors in Uttar Pradesh.

Addressing the inaugural ceremony of Uttar Pradesh Global Investors Summit (GIS) 2023 in Lucknow, Ambani said this fresh investment would create 100,000 new job opportunities in the state.

He said the fresh tranche of investment was in addition to Rs 50,000 crore that the Reliance Group had already committed to UP after 2018.

Earlier, Prime Minister Narendra Modi inaugurated the big- ticket GIS wherein the UP government claimed to have received investment proposals worth Rs 32 trillion.

Addressing the inaugural ceremony of the GIS, Modi said every credible voice of the world is convinced that India’s economic growth would continue despite global challenges.

“What is the reason for the fast recovery attained by India despite the pandemic and the war? How did India manage to become the fastest-growing economy?” Modi asked.

The Prime Minister said the reason for the “resilience” and fast recovery was the self-belief of Indians and the new thought process and aspirations of the youth for transformation.

“Every citizen of India wants to witness more and more development, and see India develop even faster. This new aspiration is now pushing the government to deliver even better,” he noted.

He said India was a vital cog for the long-term prosperity and bright future of the global economic landscape.

Modi said the Union Budget was treading the same path of combining skills with scale to usher in development “out of conviction” rather than compulsion.

“The Budget envisages expansion of infrastructure investment and creating more opportunities for industry. I want to invite industry to invest in the green growth path of India, for which we have allotted Rs 35,000 crore,” he said.

UP chief minister Yogi Adityanath said memorandums of understanding (MoUs) worth more than Rs 32 trillion had been signed with about 18,645 companies.

These pertain to different sectors, including renewable energy, education, manufacturing, logistics, housing, real estate, IT, tourism, textiles, power, dairy, biofuel and industrial parks, among others.

“In fact, the Eastern UP region accounts for Rs 9.55 trillion worth of investments while Bundelkhand region comprises Rs 4.28 trillion worth of fresh investment proposals,” he added.

Tata Group chairman N Chandrasekaran said India was witnessing a 360-degree development curve under Modi.

He said the dream of India becoming a $5 trillion, $10 trillion and $25 trillion economy in due course was very much achievable.

Chandrasekaran added that the Tata Group was in an expansion mode in UP.

He said both Tata Consultancy Services (TCS) and Air India had investments in the pipeline for UP.

He added, “Air India has a plan to connect UP to all the parts of India.”

Aditya Birla Group chairman Kumarmangalam Birla said his group was investing Rs 25,000 crore in cement, metals, chemicals and finance sectors in UP.

“UP is vital for India realising its $5-trillion economy target,” he said. He added that the industry was watching with great interest the development roadmap of the state under CM Adityanath.

Zurich Airport Asia is developing the Noida International Airport in Jewar. Its chief executive officer (CEO) David Bircher said the airport will be ready by 2024.

Meanwhile, Ambani added, “The golden phase of UP has just begun.” He termed the summit as “Vikas ka Mahakumbh” (congregation of development).

He said that India had been performing exceptionally well since 2014 under the leadership of Modi.

“A new India is taking shape to realise the aspirations of 1.4 billion people. The Budget seeks to lay a strong foundation for the emergence of India as a developed nation.”

He said India was witnessing not only faster economic growth but also composite social development.

“India is on a strong growth path today… the country is embracing technology, which is unseen even in the developed world,” he said, while referring to 5G.

“UP is the ray of hope for New India. From Noida to Gorakhpur, one could witness infrastructure development, better law and order and ease of doing business. UP is fast becoming Uttam Pradesh (ideal state),” he added.

He announced that the company would expand its 5G mobile services to every town and village in UP by December 2023.

Defence minister Rajnath said, “Industrialists were treated with contempt earlier. Now, they are being welcomed with red carpet and accorded respect as wealth creators of the economy.”