The recently held UP Global Investor Summit 2023 stands as a testament to this shift, witnessing the signing of 18,643 MoUs worth a staggering Rs 32 lakh crore a clear signal of confidence in the state's manufacturing potential.
Beyond headline-grabbing sectors like renewables, the summit showcased a healthy spread of investments across diverse industries. Industrial parks, higher education, manufacturing, logistics & warehousing, real estate, IT-enabled services, and tourism all saw significant interest, highlighting the state’s commitment to developing a well-rounded and robust industrial ecosystem. This diversification creates a multiplier effect, generating employment opportunities across various skill sets and fostering ancillary industries.
Shifting gears from electronics to renewables
Electronics manufacturing has been the crown jewel of UP’s industrial landscape. However, the 2023 summit revealed a surprising trend— renewable energy—emerged as the hottest sector, bagging 12.41% of total investment intents, pushing electronics to the second spot. This shift reflects a growing national and global focus on clean energy, and UP is capitalising on it by offering attractive incentives and creating an enabling environment for renewable players.
Beyond Noida
While Noida, the state’s IT hub, continues to attract a significant chunk of investments (27%), the summit saw a welcome diversification in investment distribution. Breaking down the investment commitments, Gautam Budh Nagar (Noida) district emerges as a frontrunner, securing 27% of the total investment intents, translating to Rs 7.85 lakh crore.
This story is from the February 2024 edition of Manufacturing Today.
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This story is from the February 2024 edition of Manufacturing Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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