PM Modi's reassurance will allay our concerns: India Inc
Lucknow: Prime Minister Narendra Modi's reassurance to the industry will not only allay industries' concerns but also help in the country's inclusive and sustained growth, according to industry body Assocham. "The prime minister's reassurance to the corporate sector will boost confidence and allay industries' concerns. This will go a long way in achieving the common desire of inclusive and sustainable growth," Assocham president Sandeep Jajodia said on Monday.
"Engagement with industry will pave the way for large investments in diversified sectors, spur job creation, promote rapid industrialisation and infrastructure development in Uttar Pradesh," he said in a statement. His remarks came a day after the prime minister reached out to the business community at an event here, looking to reassure industrialists that they have a significant role to play in nation building.
The Assocham president also suggested the UP government to form an inter-ministerial committee to take stock of the progress in investment proposals attracted by the state in investors' summit held earlier this year. "A task force may be constituted to review the status of implementation of the investment projects as actual benefits of an investment are only derived upon completion," he said. Such an initiative would further repose business community's trust in the government and help the state in attracting private investors, he said.
Assocham also suggested Yogi Adityanath government to conduct countrywide road shows to draw large pool of investments and simultaneously keep monitoring on-ground implementation of investment projects to create employment opportunities for youth of the state. "The state government should further strive to improve the industrial and business ecosystem to come on a par with states like Gujarat, Odisha, Maharashtra and others," said the Assocham president.
The prime minister on Sunday launched 81 investment projects worth over Rs 60,000 crore for Uttar Pradesh at a mega ground-breaking event. The projects are expected to give a big boost to industrialisation in the state besides creating over 2 lakh new jobs.
The mega ground breaking event, which Modi described as a "record breaking event", came after an 'Investors Summit' in February this year. Speaking at the event, attended by captains of the industry, Adityanath said that besides Rs 60,000 crore investment on ground, Uttar Pradesh has got projects worth over Rs 50,000 crore in the pipeline.
"Five months ago, we had signed MoUs worth Rs 4.68 lakh crore during the investors' summit in presence of the Prime Minister. We have got more than Rs 60,000 crore investment on ground during a short period, which is important for UP. Investments worth approximately Rs 50,000 crore are in the pipeline, which too would be started soon," he said.
Meanwhile, the Andhra Pradesh government is in the process of setting up 'iHub' (the intelligent hub), a first-of-its kind global research centre for scientific learning with an initial investment of Rs 245 crore spread over five years, a senior official said. The government has already entered into an MoU with UNESCO Mahatma Gandhi Institute of Education for Peace and Sustainable Development (MGIEP) for the purpose, the official said adding suitable location is being identified for the iHub to cover all components of the initiative with necessary road infrastructure.
"There will be an initial seed funding of Rs 245 crore for startups and operational expenses. Our government will provide a guaranteed demand from government schools for training purpose and also the educational institutions can procure learning products from the iHub. It will have licence to operate Global Design University also," said the official.
Though the global education market is $5 trillion, only 2 per cent of it is digitised, which prompted the state government to come up with the idea of iHub, the official added. "Some of the social and economic objectives of iHub will be to create 50,000 future-ready skilled manpower, reduced school dropouts and capture the EdTech market," the official explained.
The setup cost for the iHub will be $3 million and about $2.2 million annual expenses. The organisation recovers its cost by providing consultancy services, publications, seminars, hackathons, patents.