CM Yogi Adityanath to meet top industrialists in Mumbai

Mumbai, December 1, 2020 : The nation will witness the unique convergence of the cultural, financial and glamour worlds coming together as the Uttar Pradesh Chief Minister Yogi Adityanath will be attending the historic listing ceremony of the Lucknow Municipal Corporation (LMC) bond, the first such listing in the entire northern region on Bombay Stock Exchange (BSE) on December 2.

The successful launching of this bond will not only transform the image of Lucknow Municipal Corporation but would also help mobilise further investments, especially as the municipal bodies of Ghaziabad, Varanasi, Agra, and Kanpur get ready to launch their own bonds in coming months.

The Defence Industrial Corridor coming up in the Bundelkhand region over 5000 hectares of land is also expected to bring investment worth Rs 50,000 crores. Apart from this, the National Waterway 1 is being built to ferry cargo from the eastern seaport of Haldia to Varanasi, some 1,360 km inland.

Post-COVID Investment environment in UP

Post COVID-19, the State Government has launched various new policies to attract investments under the current changed investment environment. Under the ‘Post Covid-19 Accelerated Investment Promotion Policy for Backward Regions 2020’, the State Government is providing attractive incentives on a fast track mode to new industrial units to create growth centres in Poorvanchal, Madhyanchal and Bundelkhand regions of the state.

Similarly, a new ESDM Policy 2020 and a new Startup policy 2020 have been launched to promote non-IT based start-ups. Besides these, a Data Centre Policy and Sick Industries Policy are also on the anvil.

Bond with the bond

The Rs 200 crore LMC bond, which was launched on 13th November 2020, was 4.5 times oversubscribed and closed at 8.5% coupon rate for 10 years, which is the 2nd lowest rate of all the municipal bonds launched till date.

With this, Lucknow becomes the ninth city in the country to have raised municipal bonds and the first city to issue such a bond after the launch of AMRUT Scheme. The funds raised through the bond will be invested in various infrastructure schemes in the state capital, including the water supply project and housing project being implemented under Atal Mission for Rejuvenation and Urban Transformation (AMRUT).

 

Before launching the bond, which has been given a AA rating by India Ratings and AA (CE) by Brickworks Rating, the State machinery initiated a series of reforms to improve the accounting and financial management practices, ensuring transparency and time bound delivery to the investors.

It is to be mentioned that in the last three years, the Yogi government has taken giant strides to change the perception of the state, in terms of law and order and has gone into an overdrive to spruce up its infrastructure and air connectivity in order to accelerate the all-round development of the state.

Improving Business Climate

Uttar Pradesh has implemented a record number of reforms - 186 spread across multiple departments, such as - labour regulation, inspection regulations, land allotment, property registration, environment clearances, paying taxes, and many others. One of the major reforms done by the State Government was the implementation of one of India’s largest digital single window portals - ‘Nivesh Mitra’, providing around 166 online services to the entrepreneurs.

The policy-oriented governance mechanism adopted by the State Government, with the launch of the Industrial Investment & Employment Promotion Policy 2017, complemented by 20 sectoral policies, is playing a pivotal role in promoting entrepreneurship, innovation & ‘Make in UP’.

The CM will be discussing these issues with the industrialists and bankers which will include N Chandrashekhar of Tata Sons, Dr. Niranjan Hiranandai of Hiranandani group, Baba Kalyani of Bharat Forge,  Suprakash Chaudhary, CEO of Simmons, S N Subramaniam, Chairman of L & T, Vikas Jain of cap[ital Services, Sanjay Nair, Chairman of KKR Ltd, Jaspal Bindra, Chairman of Centrum Capital ltd, Sukaran Singh, CEO and MD of Tata Advanced Systems, Harshvardhan of tata Defence Technology, Ashish Rajvansh of Adani Defence, Rajat Gupta of Ashok Leyland  T S Darbari, CEO and MD of Texmaco Defence System.

 

UP: the favorite destination of investors

With so much to offer, UP is fast turning out to be the most favourite destination for investors. Even during the corona pandemic, as many as 52 national and international companies have shown interest in UP and have invested about Rs 45,000 Crore. These include Von Wellix (Germany), Maq Software (US), Ekagrata Inc. (Canada), Edison Motors (South Korea), Yazaki (Japan), and few domestic industry leaders such as Hiranandani Group, Britannia, Dixon Technologies, etc.

Earlier, during the Investors Summit held in February 2018 in Lucknow, Memorandum of Understandings (MoUs) worth Rs 4.68 lakh crore were signed. As a result of all the reforms and initiatives taken by the State Government, till now nearly 43% of the leads generated at the Summit worth around Rs 2 lakh crores are under active stages of implementation.

The success of the UP Investors Summit is the testimony of the improving investment climate in Uttar Pradesh. And to further aid the industry, a dedicated agency- ‘Invest UP’ has been recently established to provide complete investment life cycle support to the investors.Besides this, over 6 Lakh medium, small and micro enterprises were provided loans to the tune of Rs 20,000 Crore in coordination with the banks.

The UP CM will also meet the prominent film personalities to roll out a roadmap for the development of the film industry in Uttar Pradesh. The film giants the UP CM is scheduled to be meeting include Rahul Mittra, Subhash Ghai, Bonney Kapoor, Bhushan Kumar of T-Series, Jatin Sethi of Zee Studio, Anand Pandit, Baba Azmi,  Neeraj Pathak, Randeep Hooda, Tigmanshu Dhulia, Jimmy Shergill, Taran Adarsh, Komal Nahta and Raj Kumar Santoshi.

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