Lucknow: Reliance Industries chairman and managing director Mukesh Ambani said Reliance group plans to invest an additional Rs 75,000 crores in the next 4 years across Uttar Pradesh. These investments would spread across its telecom verticals, retail, and renewable businesses, having the potential to generate an additional over 1.00 lakh jobs in the state.
Ambani said, the company has invested about Rs 50,000 in Uttar Pradesh over the last few years. Ambani made the statement on Friday during the opening ceremony of the three-day UP Global Investors Summit 2023 in Lucknow, which has Narendra Modi as its special guest.
It is the government of Uttar Pradesh's premier investment summit. The massive gathering aims to bring together decision-makers, business titans, academics, think tanks, and world leaders to explore commercial prospects and form alliances. Additionally, he stated that by December 2023, Jio will have spread 5G throughout all of Uttar Pradesh's towns and villages.
In his opening remarks, he noted that regional disparities in India are quickly vanishing and that the gap between urban and rural India is also shrinking. "Regional inequities are quickly diminishing thanks to your (the prime minister's) foresight. A prime example of this is Uttar Pradesh. Additionally, the gap between urban and rural India is narrowing "Ambani said.
"I am certain that India is on a very good growth path," noting four key factors to support his assertion. They are widespread use of technology, a big proportion of young people, a decline in regional imbalances, and unheard-of optimism among the populace, he said.
In relation to the introduction of fast 5G services in India, he added, "Indians are adopting technology at a rate unprecedented even in the developed world. He claimed that India's youth are bursting with entrepreneurship enthusiasm and energy, and that their inventions and ideas will rock the world.
"The fundamentals of the Indian economy are beyond dispute. They are strong. And now is the time for all our enterprises to step up on the accelerator," he added. He also mentioned it in the recently presented Union Budget. "The budget for this year has in fact laid the groundwork for India to become a developed country. In terms of capital expenditure, it stands out for having the highest-ever resource allocation for laying the groundwork for the nation's growth. This will undoubtedly increase social welfare as well as economic prosperity "he said.
For the record, it was suggested in the Budget paper to boost capital expenditure spending by 33% to Rs 10 lakh crore, with an emphasis on improving key infrastructure assets like roads, railroads, airports, and logistics. 3.3% of the GDP would be spent as per the budget.
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