Uttar Pradesh’s growth story is an example of new-age governance
The timing of the recently concluded third groundbreaking ceremony in Lucknow holds special significance. The Narendra Modi government completed eight successful years in office just days before it. This has been a period of epochal change where India has emerged as the fastest-growing economy in the world. This is a testament to the growth and development that we have witnessed under the leadership of Prime Minister (PM) Modi.
I was in Davos a few weeks ago, and it was heartening to see how India dominated not just the conversation but also the investment narrative. India today stands out as an investment destination in the world. Dynamism in policymaking, transparency in administration, stability in governance, and a relentless focus on reforms have been the hallmarks of the Modi government. The world today recognises India’s prowess. PM Modi has championed the art of balancing cooperative federalism and competitive federalism. The scale of this summit is another marker of the same.
In the 1950s, when India was in the early stages of development, Hindalco, the metals flagship company of the Aditya Birla Group, took root in Renukoot, which was then a remote corner of Uttar Pradesh (UP). Since then, the Renukoot factory has grown over 20 times. Hindalco has grown to be one of the largest aluminium companies in the world, and the group has expanded in many other businesses globally, in India, and in UP.
In UP, our presence extends across diverse sectors such as cement, chemicals and financial services. Over the years, the group has invested about ₹40,000 crore in the state and offers direct or indirect employment to 35,000 people. We believe in holistic development and growth, as we look to enrich lives. Our community initiatives span over 450 villages and meaningfully touch the lives of over one million people annually. Our corporate social responsibility projects focus on health, education, sustainable livelihood, girl children, and infrastructure. We run 11 schools in UP that provide quality education to 10,000 students. Through our connect with the government’s ongoing Nai Pahal project, we have helped transform 180 government schools in eight districts of the state.
We are very much invested in the growth of the state and it is heartening to see the state evolving rapidly under the dynamic leadership of chief minister Yogi Adityanath. In the past few years, UP has become one of the most sought-after destinations for investors in India. Development has clearly found fresh momentum on the back of the double-engine government. There are three distinct signs of the huge transformation that is underway in UP.
First are the significant strides in ease of doing business, where UP has jumped to the second position from the 14th in the past five years. The Nivesh Mitra portal has also made investing in the state easier. The second is the vote of confidence from foreign investors. The state has received foreign direct investment of over $880 million since October 2019, despite the pandemic. This was more than what was received in the past two decades.
The third is the scale and speed with which the state is upgrading its infrastructure. In the last few years, the state has embarked on mammoth infrastructure projects such as the Purvanchal expressway, regional rapid transit, and new airports.
All these initiatives, to me, demonstrate the intent to transform at a breakneck speed. There is a burning desire that one palpably feels in the way UP is progressing under the leadership of CM Adityanath and the guidance of PM Modi.
As an early investor in the state’s journey of industrialisation, we feel very enthused by this transformation. UP is no longer a state that is content being a lagging follower in the nation’s economic journey. Rather, it is a key leader in India’s evolution to a $5-trillion economy. When it comes to ease of doing business or building new-age infrastructure, UP is setting an example for the other states to follow. At the end of the day, ease of doing business is about an experience. And our experience with the UP administration has been truly wonderful.