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Business News/ Politics / Policy/  UP Investors Summit: PM Modi announces Rs20,000 crore defence production corridor

UP Investors Summit: PM Modi announces Rs20,000 crore defence production corridor

PM Narendra Modi told UP Investors Summit that the government has decided to extend the Uttar Pradesh's defence corridor to Agra, Allahabad, Lucknow, Kanpur, Jhansi and Chitrakoot

Prime Minister Narendra Modi speaks at the inauguration of the UP Investors Summit 2018 in Lucknow on Wednesday. Photo: PTIPremium
Prime Minister Narendra Modi speaks at the inauguration of the UP Investors Summit 2018 in Lucknow on Wednesday. Photo: PTI

Lucknow: Prime Minister Narendra Modi on Wednesday announced a Rs20,000 crore defence industrial corridor in Bundelkhand region to bring development in one of the most backward regions of Uttar Pradesh and said the Yogi Adityanath government has pulled the state out of prevailing negativity.

“Of one of the two defence industrial corridors mentioned in the budget, one is proposed in the Bundelkhand region of the state which will bring an investment of Rs20,000 crore and generate employment avenues for 2.5 lakh people," the prime minister said after inaugurating the UP Investors Summit 2018 in Lucknow.

“Keeping in mind the development of Bundelkhand, the government has decided to extend the Uttar Pradesh’s defence corridor to Agra, Allahabad, Lucknow, Kanpur, Jhansi and Chitrakoot," Modi said. Finance minister Arun Jaitley in the 2018 budget speech had said that two defence industrial production corridors will be developed in the country.

The government early this month announced the first corridor between Chennai and Bengaluru which would also pass through Coimbatore and several other industrial clusters. Defence minister Nirmala Sitharaman had said that the corridors will provide an impetus to the defence production industry in the country.

Referring to the views expressed during election campaign that state needs two engines for ensuring its development, the prime minister cited the various schemes launched by his government, specially pointing out at the Mudra Yojana which he said could help achieve this objective.

The two-day mega event being organised in the state capital to attract investments is being attended by top industrial heads, foreign delegates and senior union and state ministers. Stressing that with such vast potential, diversity and availability of resources, Uttar Pradesh can become India’s growth engine, the prime minister said potential, policy, planning and performance leads to progress and both chief minister Yogi Adityanath and people of the state are ready to give this super hit performance.

Terming holding of investor’s summit in Uttar Pradesh and congregation of industrialists from all over as a sign of a big change, Modi said the Yogi government has overcome the previous negativity and shown a ray of hope to people with positive changes.

“When there is a change, it starts showing ... this investors meet and coming of investors and entrepreneurs is a big change," he said adding that under the fearful and insecure atmosphere prevailing in the state previously the condition was not conducive for investments to come here.

“Uttar Pradesh has values and virtues, but it also needs value addition in all spheres.. I am happy that the Yogi government is taking decisions for value addition in the core strength of the state," the prime minister said.

“Policies are being made linking industrial development with employment opportunities...investors will now get red carpet instead of red-tapism," he said pointing at the new single window clearance app launched at the summit.

“In UP’s economy, MSMEs have a major role .... After agriculture, MSME sector offers the highest possibility of employment," he said, adding that there are 50 lakh MSMEs operational in the state which have also earned the state name at the national and international level. “We are happy that keeping this important fact in mind the state government has brought ‘one district-one product policy’, this could be a game changer," he stressed.

Referring to Maharashtra and its development, the prime minister said, “Can there be a competition between Uttar Pradesh and Maharashtra to achieve the target of trillion dollar economy...This kind of competition will lead to development and generation of employment. Besides, this kind of healthy race will strengthen competitive cooperative federalism spirit."

Saying that there was no dearth of resources in the state, the prime minister said Uttar Pradesh has huge potential for ethanol and biofuel, and clean energy can resolve many problems in Delhi and national capital region (NCR), he said.

“I am sure the new tourism policy announced by the UP government would facilitate investment," he said and also referred to the Kumbh Mela in Prayag slated for early next year. “Tourism is a multiplier for growth. UP needs to strengthen its eco-tourism," he said.

“The Purvanchal expressway and Bundelkhand expressway will ensure speedy development of Purvanchal and Bundelkhand region," he said and cited the 11 new coming airports in the state under the Udaan scheme besides two international ones coming up at Kushinagar and Jewar.

“It is my dream that those with hawai chappal (bathroom slippers) can have hawai yatra (air travel)", he said. “We have to find out ways to facilitate farmers quick access to the market and strengthen the connection between farmers and industry...If we produce world class product, we should also have world class promotion and marketing wing," he stressed.

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Published: 21 Feb 2018, 06:51 PM IST
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