Chanakya has said – Arthasya Moolam Rajyam, Rajyasya Moolam Indriyajayah. The meaning is that the root of prosperity of any state lies in its strong economy and the root of the economy lies in the discipline and firmness of the leadership. If we assess Chief Minister Yogi Adityanath’s tenure of more than nine years in Uttar Pradesh, then the Chanakya formula of prosperity of the state seems to be coming true in its full concept. If the flow of capital is increasing in the state, then it is a step towards long-term prospects, security, stability and good governance.
The signing of investment agreements worth more than Rs 50 thousand crore in the presence of Chief Minister Yogi Adityanath in Bengaluru is an important link in the chain of capital inflow into the state. This is not just an economic achievement, it is a changing administrative thinking, increasing confidence on the global stage and the trumpet call of a state which is now standing with its head held high on the economic front of the country. A state which is not only a consumer but also a provider and creator.
UP recognized its potential
Uttar Pradesh If we go towards the basic mantra of this change, then in one line we can say that the state has recognized its collective potential. And, when we recognize our potential, many paths of progress automatically start opening. The appreciation of Uttar Pradesh by the country’s renowned industrialists in Bengaluru is actually an acceptance of the development model of UP which Chief Minister Yogi calls the 3-S model of Safety, Stability and Speed.
If a global organization like Google seems eager to work together with UP, then it gives expression to strong law and order, world class infrastructure, unmatched connectivity and transparent administration. It is an established principle that the overall development of any state is shaped not only by material resources but by unshakable confidence, vision and firm leadership and at present Uttar Pradesh is standing at such a turning point.
It has been an irony of Uttar Pradesh that till a decade ago, it was known as a state where there was talent, but the opportunities for them were very limited. The IT and electronics sector was a victim of massive neglect. No clear industrial vision, no Global Capability Center (GCC) policy. There was no thought about an investor-friendly ecosystem. Investors also did not think about Uttar Pradesh, because in mafia rule, poor law and order and red tape, the chances of industry flourishing are negligible. The little IT activities that existed were limited to the scope of call centers only.
Dr. Atul Saran, former Finance Controller of Allahabad University
This is the background against which the changes under the leadership of Chief Minister Yogi Adityanath should be evaluated. After assuming power in 2017, he thought of creating a platform that could provide confidence to entrepreneurs. This trust was possible only when the law and order system improves, the bureaucracy changes its character and all the resources that any entrepreneur needs are clearly visible.
UP Investors Summit an important beginning
When thinking got resolution, possibilities were also created and investment proposals worth Rs 4.28 lakh crore in the UP Investors Summit held in 2018 gave a message to the country and the world that UP is now on the right path under the leadership of CM Yogi. Investment proposals worth Rs 40 lakh crore in the Global Investors Summit in 2023 changed the identity of UP and established that Uttar Pradesh is now moving towards becoming the investment hub of the country. Today, MoUs for investment of more than Rs 50 thousand crore are being signed in the name of Uttar Pradesh in Bengaluru. The arrival of investment proposals worth Rs 50 lakh crore before this is a reflection of the state’s confidence which it has earned in the last nine years.
On this ground of trust, the real importance of Uttar Pradesh Global Capability Center (GCC) Policy 2024 comes to the fore. This policy is a well-thought-out manifesto of the state’s economic ambitions. This includes artificial intelligence research, cyber security operations and data analysis etc. This policy is capable of directly linking investment with employment. In this, subsidies on capital investment as well as incentives for recruitment, salary, training and internship have been included.
The investment agreements signed in Bengaluru are the first and most symbolic test of this strategy. It is also important that these investment talks took place in Bengaluru, a city where the talents of Uttar Pradesh have been finding shelter. Yogi government did not go there and ask for its talents back, but invited the employers to come to UP. This confidence arises only when the state considers itself capable. Uttar Pradesh is capable today because it has a huge talent pool, infrastructure and connectivity. There is a government that understands the language of investors and their needs.
Big flight from Noida’s Jewar Airport
There is a limitless sky of possibilities visible in the economic transformation of Uttar Pradesh. Noida’s Jewar Airport will give it a bigger flight. During the investor dialogue in Bengaluru, entrepreneurs also acknowledged that Noida, Greater Noida, Lucknow and Jewar international airports will appear as major economic and industrial corridors of the country in the coming years.
Global Capability Center (GCC) industry expert and AI strategist Anil Padmanabhan also believes that strong governance, better infrastructure and investment-friendly environment have made Uttar Pradesh an ideal destination in the GCC region. If global insurance broking company Aon is working on a plan to add approximately one thousand additional employees in its office in Noida, then it is clear that the scope of high quality employment opportunities in the state is continuously increasing.
Challenges also increase in the path of economic progress. The biggest challenge is that the investment proposals will have to be brought to the ground at any cost. Special attention will have to be paid to land acquisition, compliance simplification, availability of skilled manpower. Attracting investment is a skill and retaining it is a big responsibility.
Innovation, technology and knowledge-based development
However, the direction of Yogi government has been encouraging and meaningful results have also emerged in the past. The state is now moving out of the confines of agriculture and consumption-based economy and moving towards innovation, technology and knowledge-based development. This is extremely important for the progress of the state. Uttar Pradesh has started writing the development story of India and is eager to contribute to the national economy with its full potential.
Chief Minister Yogi Adityanath’s visit to Bengaluru has given a decisive knock on the future of Uttar Pradesh. The future will be more impactful than people can imagine, because this state has changed its mindset. Now there is no population burden here. The human resources here are getting ready for leadership.
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