San Francisco : Just a few years back, Uttar Pradesh was supposed to be “uninvestable”; now, it is roaring back with a new will, skillset, and temperament. Global Investors Summit is scheduled for Feb 10-12, 2023, in Lucknow.
A “New Frontier”, full of entrepreneurial energy and sincere commitment towards collective social and economic growth, is getting established. A high-profile strategy is geared to make UP a “One trillion economy”, as envisioned by Chief Minister Yogi Adityanath. In this pursuit, well-groomed delegations went worldwide, visiting eighteen countries to mobilize resources, spread awareness and welcome investors to the Global Investors Summit.
In San Francisco, the UP investment delegation had a roadshow on December 15th, 2022. Subsequent visits to different companies, meetings, discussions and signing of MoUs continued till December 17th. The panel comprised UP Finance Minister Suresh Khanna, Additional Chief Secretary, Infrastructure & Industrial Development Arvind Kumar, Ex-Minister Sidharth N. Singh, Advisor to the CM Awanish Kumar Awasthi, and Secretary to CM Amit Singh. The delegation pitched Uttar Pradesh as a “robust and resilient economy”.
Suresh Khanna, UP Finance Minister and the leader of the delegation, said, “we started our journey on December 8th, and have visited London and New York. Now, arrived in SFO. So far, MoUs worth 75000 crore rupees have been signed. Healthcare, Education, and IT have been the main areas where hefty investments have been pouring in”. The minister pointed out the “ease to do business” in UP as the central message of the delegation.
In general, for the investors and entrepreneurs who participated in the SFO investment roadshow and subsequent discussions, “the intent, clarity and decisiveness” of UP Chief Minister Yogi Adityanath and Prime Minister of India Narendra Modi seem to be the prime churning force.
In San Francisco, the UP investment delegation was able to get MoUs signed in various areas. Sify signed an MoU of One billion Dollars for Data Centers in UP. MoUs were signed with FalconX. The CEO, Murali Chirala, and the incoming Mayor of the City of Milpitas, California, were also present during the discussion with the delegation. The UP investment delegation also visited the office of Bloom Energy (a green energy company) and talked with the CEO, K. R. Dhar, and his team about prospective investment in UP.
The delegation had a detailed discussion with Stanford’s BIODESIGN centre, hosted by Dr Anurag Mairal. R&D in medical technology is identified as an area with the Yogi government’s central focus. Another MoU of a substantially large amount was signed between the ‘IndUS Setu Global Foundation” led by the Tandon sisters (Dr Nandini Tandon & Priya Tandon) and the UP government for investments in the Biotech, Medical Technology, Life Sciences and Healthcare sectors. MoUs were also signed for investment in the Hospitality sector, particularly for Ayodhya, which will be a significant hub of international tourism in India.
Saloni Heart Foundation, based in San Jose, California, signed an MoU of 500 crore rupees. Himanshu Seth, a Co-Founder and Board member of the foundation, shares a personal happening and informs that his own life experience inspires the concept of the foundation. He elaborates that “the vision of Saloni Foundation is to build a “Centre of excellence” in pediatric cardiac healthcare in collaboration with US Hospitals and Indian Medical schools and hospitals, provide a free consultation to children born with congenital heart disease, grant scholarships to deserving scholars from economically weaker sections in India for college education in medicine.” He also appreciates the guidance and positive assistance of PMO, NITI Aayog, and AIIMS, Delhi, in facilitating the foundation’s efforts in India.
Seth highlights that the foundation’s bandwidth of expertise would benefit UP and the rest of India. He underscores that medical experts from UCSF Benioff Children Hospital, and Boston Children Hospital, Harvard Medical School are among the top advisors of the Saloni Heart Foundation.
In a conversation on the UP investment ecosystem, former minister Sidharth Nath Singh explains the overall arc of the approach of the UP government and Central government led by Prime Minister Narendra Modi and says, “we have taken an integrated approach towards economic growth. Along with the global investment, we initiated the “One District, One Product” policy and have pursued ambitious UPDIC (Uttar Pradesh Defence Industrial Corridor) projects”.
Approximately 1600 hectares of land have been acquired for UPDIC. About 2400 Crore rupees has been already invested so far.
Through collective and integrated efforts, Uttar Pradesh is seemingly poised to be a new, glowing “Yog-Uttar” (Karm-Yog-Uttar) of progress, decision-making, and economic growth in India. In a casual conversation, an American investor with a beaming positive attitude confidently observes that “it is the arrival of a new morning” for UP and India. Hopefully so.
