Uttar Pradesh has attracted ₹10,000 crore in investment projects at the 2023 Global Investors Summit, with 14,000 projects underway, boosting economic growth. Key sectors include manufacturing, renewable energy, and IT, with major companies like Tata and NTPC investing heavily. The state’s investor-friendly policies and improved law and order are driving its ambition to become a $1 trillion economy.
Uttar Pradesh’s Investment Boom: ₹10,000 Cr Projects Take Shape
The Uttar Pradesh Global Investors Summit (UPGIS) 2023, held in Lucknow from February 10-12, marked a significant milestone in the state’s economic journey. Chief Minister Yogi Adityanath’s government has successfully translated investment proposals worth ₹10,000 crore into actionable projects, with 14,000 initiatives already in progress. These projects, spanning manufacturing, renewable energy, IT, food processing, and real estate, are set to reshape Uttar Pradesh’s industrial landscape and contribute to its goal of becoming a $1 trillion economy by 2029.
The state secured investment proposals totaling ₹40 lakh crore during UPGIS 2023, with ₹10 lakh crore worth of projects already initiated, of which ₹2.6 lakh crore have commenced commercial production. Major industrial giants such as Tata, Hiranandani, NTPC, and Greenko are leading the charge. For instance, NTPC is investing over ₹27,000 crore to establish two power plants in Jhansi and Sonbhadra, while Hiranandani’s NIDP Developers is setting up a ₹30,000 crore Data Center Park in the Yamuna Expressway area. Greenko’s ₹17,000 crore Off-Stream Close Loop Pump Storage Project in Sonbhadra and Tusco Limited’s ₹6,500 crore Matatila Floating Solar Power Plant in Lalitpur are also significant ventures.
The state’s Micro, Small, and Medium Enterprises (MSME) sector has been a major beneficiary, with 5,300 memorandums of understanding (MoUs) worth over ₹70,000 crore signed. Ghaziabad alone secured MoUs worth ₹10,000 crore, the highest among UP’s 75 districts. These projects are expected to create substantial employment opportunities, with the state projecting 93 lakh jobs from the summit’s total proposals.
Uttar Pradesh’s investor-friendly ecosystem, bolstered by initiatives like Nivesh Sarathi, Nivesh Mitra, and the Online Incentive Management Portal, has streamlined the investment process. The state’s focus on improving law and order, as highlighted by Chief Minister Yogi Adityanath, has instilled confidence among global investors. Roadshows in 18 countries and seven Indian cities, along with partnerships with nations like the Netherlands, Denmark, and Singapore, have further amplified UP’s appeal.
The Uttar Pradesh Defence Industrial Corridor (UPDIC) is another key driver, attracting ₹28,175.58 crore in proposals by January 2025, particularly in aerospace and defense. The state’s export policy, targeting a 7.5% share in national exports, and initiatives like One District One Product (ODOP) are enhancing economic growth. With projects like IKEA’s ₹4,000 crore retail and mall development and a proposed weapons manufacturing plant by a Swedish arms company, UP is diversifying its industrial base.
The state’s infrastructure development, including improved air connectivity and expressways like the Bundelkhand and Ganga Expressways, supports its industrial ambitions. The upcoming Kumbh Mela 2025 is expected to further boost tourism-related investments, complementing the economic momentum.
Disclaimer: This article is based on recent news reports, official statements from the Uttar Pradesh government, and industry sources. Data is sourced from credible publications like The Hindu, Economic Times, and Times of India, reflecting information available as of September 2, 2025. Readers are advised to verify details with official channels for investment-related decisions.