Uttar Pradesh: The New Indian Engine of Development

‘Uttar Pradesh Global Investors Summit (UPGIS) 2023,’ which will take place from February 10 to 12, 2023, in Lucknow, is the leading investment summit of the federal government of Uttar Pradesh. The three-day ‘Investors Summit’ will gather policymakers, corporate leaders, business delegations, the academic community, think tanks, and political and government leadership from around the world to explore business opportunities and create partnerships. UPGIS 2023 is an initiative aligned with the vision of Indian Prime Minister Narendra Modi to make India a $5 trillion economy, with the Government of Uttar Pradesh setting a goal to transform the state into a $1 trillion economy in the next five years.

Prime Minister Modi will inaugurate UPGIS on February 10, and Home Minister Amit Shah and Defense Minister Rajnath Singh will attend the summit on February 11, while Indian President Droupadi Murmu will attend on February 12. UPGIS will also be attended by representatives from 20 developed countries as well as 20 developing countries. The program will feature more than 10,000 delegates.

Green Investment Plan

The governance model of Uttar Pradesh Chief Minister Yogi Adityanath has impressed investors from around the world, including countries such as the USA, Canada, Japan, Sweden, UAE, etc., which have expressed interest in investments worth several billion dollars. To achieve the goals of global transformation to green energy, the Uttar Pradesh (UP) government aims to attract private investments of up to $6 billion in the solar energy and bioenergy sectors.

The federal state has set a goal to produce 22,000 megawatts (Mw) of solar energy in the next five years – 14,000 Mw from solar parks and 6,000 Mw through rooftop solar power plants and the use of green hydrogen. Introduced in February, the Indian green hydrogen development strategy offers cheaper renewable energy and financial concessions for interstate electricity transmission over a period of 25 years for projects commissioned before June 2025. Incentives include land at lower prices in energy parks and designated zones for local industries.

Green hydrogen is produced by splitting water in an electrolyzer using renewable energy. Later, hydrogen can be combined with nitrogen to produce ‘green’ ammonia, thereby avoiding hydrocarbons that warm the planet. Green ammonia is used for energy storage and fertilizer production. Announced in 2021, the Indian green hydrogen mission speaks of rapid production expansion to make the country a hub for green hydrogen. The Department of Energy will hold an investor meeting in January 2023 to present the state’s offerings to private companies.

Construction of Dry Ports

Uttar Pradesh, which has no access to the sea, plans to become a $1 trillion economy by 2027 and develop a network of dry ports and container freight stations to boost exports. The state also plans to develop a modern logistics ecosystem in partnership with private players. A dry port is an inland intermodal port directly connected to a seaport by road or rail to facilitate faster movement of export cargo. According to UP’s 2022 Storage and Logistics Policy, the state will expedite land allocation for logistics parks and offer a range of subsidies and incentives to attract private investments.

The state will support the private sector in developing warehousing facilities, cold chains, multimodal parks, container storage, and container freight station infrastructure in the state.

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