In January 2023 Uttar Pradesh will host its first-ever ‘Global Investors Summit.’ The state has set a target of attracting Rs 10 lakh crore in industrial investment over the next five years, and the international meet is expected to contribute significantly to this goal. The new aspirations of Uttar Pradesh will be introduced at the UP Global Investor Summit in 2023, according to Yogi Adityanath.

Global Roadshows Will Be Organised to Promote the Summit

According to Chief Minister Yogi Adiyanath’s action plan, roadshows will be organised to promote the summit in nations like the United Kingdom, United States, Canada, United Arab Emirates, Sweden, Singapore, Netherlands, Israel, France, Germany, South Korea, Mauritius, Russia, and Australia. A team will be assigned to make the industrial environments of these nations suitable for the “UP Global Investor Summit-2023.” This year, the roadshows will probably take place between September and November and would be held to give UP international branding.

As “brand ambassadors of UP,” ministers will hold road shows in various nations to raise awareness of UP’s potential and opportunities. They will meet individuals connected to various industries and invite them to the investors’ summit by providing information about the state’s investment environment.

The ministers have been asked to connect with NRIs in these nations, particularly those who have ties to Uttar Pradesh, and persuade them to make investments in the state. Singapore has already expressed interest in joining UP as the event’s first country partner. Prior to this, UP collaborated with the Netherlands, Japan, Slovakia, Finland, Czech Republic, Mauritius, Thailand, Nepal, and Belgium at the 2018 Investors’ Summit. Uttar Pradesh CM Yogi Adityanath Inaugurates Kamhariya Ghat Bridge in Gorakhpur.

The state government has plans to simplify sectoral policies currently in place even further in order to promote even more investment given the potential for increased investment flow in the state, particularly after the global investors’ summit.

Policies for industries such as food processing, handloom, powerloom, IT, biofuel, film and media, tourism, solar energy, electric vehicles, animation, visual effects, toy manufacturing, civil aviation, and housing, are being aimed to set up before the ministers leave for the road shows so they can be discussed with potential investors. The government has also begun the process of selecting additional properties to add to the land bank and make available to investors.

Uttar Pradesh Moved Up 10 Spots to Rank Number Two in Ease of Doing Business

The Yogi government claims to have attracted investments amounting to 4.68 lakh crore between 2017 and 2022, of which about 3 lakh crore worth of investments have been carried out. In the annual ranking for ease of doing business in 2020, Uttar Pradesh moved up 10 spots to rank number two.

The ease of doing business is a significant aspect of the country’s investment-friendly business environment. Improvements to the EoDB will allow the state economy to grow faster in the future. As a result, the Indian government decided in May 2020 to link the grant of additional borrowing permissions to states that implement reforms to ease the ease of doing business. This category includes the following reforms:

i) Completion of the first evaluation of the ‘District Level Business Reform Action Plan’

(ii) Removal of the requirement for businesses to renew registration certificates/approvals/licences procured under different Acts within 48 hours of the audit.

“Ease of Doing Business” Reforms Has Risen to 15

According to PIB’s release published on 17 Feb 2021, the number of states that have completed the “Ease of Doing Business” reforms has risen to 15. Three more states, Gujarat, Uttar Pradesh, and Uttarakhand, have reported completion of the Department of Expenditure’s EoDB reforms.

As per the ‘Ease of Doing Business ranking of states, UTs released on June 30, 2022, by Finance Minister Nirmala Sitharaman, Andhra Pradesh, Gujarat, and Telangana are three of the seven states designated as top achievers in the ranking of states and union territories based on the implementation of the business reform action plan 2020. Yogi Adityanath Govt in Uttar Pradesh to Add 352 Additional PICUs in 72 Districts to Ensure Better Health Facilities for Children.

Haryana, Karnataka, Punjab, and Tamil Nadu are the other states on the list of top achievers. The ranking has designated Himachal Pradesh, Madhya Pradesh, Maharashtra, Odisha, Uttarakhand, and Uttar Pradesh as Achievers.

The exercise’s overarching goal is to increase investor confidence, promote a business-friendly environment, and improve the ease of doing business nationwide by introducing a healthy competitive element through a system of rating states based on how well they implement the Business Reforms Action Plan (BRAP).

India Now Ranks 63 in the World Bank’s Doing Business Report 2020

The World Bank undertakes an annual analysis of 190 economies, ranking them based on how easy it is to do business in a country based on ten parameters spanning the business lifecycle, which is published as the Doing Business Report (DBR). India now ranks 63 in the World Bank’s Doing Business Report 2020, up 79 places from 142 in 2014.

(The above story first appeared on LatestLY on Aug 19, 2022 09:53 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).