Real test of intent will come after summit

THE FACT THAT SIX PARTNER COUNTRIES WILL ALSO BE A PART OF THE SUMMIT, WILL ADD TO THE GLOBAL OUTREACH, WHICH AUGURS WELL, WITH GLOBAL ECONOMIES ALSO GETTING BACK ON TRACK.

With the advent of GST, we are looking at a new India where the economy of the country will multiply in the backdrop of cooperative and competitive federalism. Never before have we witnessed states trying to outdo each other by showcasing their prowess and unique resources and strengths through investors’ summits. The recent spate of such summits, be it in Assam, Odisha, Punjab, Gujarat or Maharashtra, and the forthcoming UP Investor’s Summit, are a case in point.

IT’S ADVANTAGE UP

UP with its unique resources, be it demographic, five million plus SMEs, agrarian strength, handicraft clusters, huge mineral reserves and diverse geo-climatic zones, is in a position to regain its position of being in the forefront, with a Centrestate bonhomie that has occurred after several years of sporadic growth and development. Economists have observed, that for a country the size of India and with a state the size of a country, which is UP, Uttar Pradesh’s contribution to the GDP should be and is, crucial for India’s growth story.

Ironically, while we score high in comparison to other states on agrarian resources, the 70 odd percentage of the population that emanates from this sector contributes a meagre 23 odd per cent to the GDP of the state. This must change and very quickly. The gaps are identified and the new sectoral policies address them adequately. The recent budget also addresses a lot of the gaps. And this is not the first time that summits have been organised to attract investment in Uttar Pradesh. However, it is actually after the summit that the real test of the intent will come to the fore.

THE ROAD AHEAD

The earnestness and the body language of the dispensation is positive and encouraging, to say the least, as was evident from the excitement generated through roadshows, across metros, in the past few weeks. The fact that the honourable Prime Minister and President will grace the occasion enhances the importance of the summit and the CM himself is seized of the opportunities this will garner for the state.

The uniqueness of Uttar Pradesh must come to the fore. Addressing all the gaps forthwith, be it an efficient road network, cold chains, value addition to agricultural produce, sector specific skill enhancement, police and labour reforms, ease of doing business, approachability of a proactive bureaucracy, a hands on approach and adherences to the promises made in the various sector specific policies are the ingredients that will make the broth delicious, for the investor. The biggest job, revenue and export income generators, the MSMEs must be a part of the priority to do list. And a lot of this can be done through non-legislative measures. Large ticket investments will help revive and revitalise the MSME sector in quick time. The IDC aptly remarked at an Udyog Bandhu meeting recently, that the biggest brand ambassadors of the state are those who have already invested and running business. If they are happy, the rest will happen automatically.

TAP TOURISM POTENTIAL

Another sector, often neglected, but which could be as important as the agriculture sector and perhaps a game changer for UP, is tourism. I am sure that the government recognises the unlimited wealth of heritage and culture of the state, unmatched by any other. Religious tourism will be an important sub set. At the same time, the sector will need the government to play facilitator and hand over the entire sector to private players, on a profit sharing basis. This will have a multiplier effect on revenue and job creation.

FREIGHT CORRIDORS

The two dedicated freight corridors that will soon pass prominently through UP, the upcoming Jewar International Airport and a proposed state-of-the art logistics hub in its vicinity will all add to the immense possibilities of setting up successful businesses in the state.

The present of six partner countries a the summit, will add to the global outreach, which augurs well, with global economies also getting back on track.

The sessions have a bevy of very eminent panellists, who will lay threadbare, the agenda and way forward. So to ‘sum it’ up, while Lucknow lays out the red carpet for a swayamvar to greet its many eager suitors, the administration is bedecking the city for their welcome, in true nawabi tradition.