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Narendra Modi announces Rs 20k-cr 'defence corridor' for UP

Modi said UP has the potential and resources to become the "growth engine" of the country and congratulated Chief Minister Yogi Adityanath for ensuring the presence of about 5,000 investors in a short span of time.

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PM Narendra Modi inaugurates the summit with Union Home Minister Rajnath Singh and UP CM Yogi Adityanath, (Right) Rajya Sabha MP Subhash Chandra with RIL Chairman Mukesh Ambani, at the UP Investors Summit
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Prime Minister Narendra Modi announced a Rs 20,000-crore defence industrial corridor in Uttar Pradesh to boost development and create 2.5 lakh jobs, as he inaugurated the Uttar Pradesh Investors Summit in Lucknow on Wednesday.

As many as 1,045 MoUs worth Rs 4.28 lakh crores have been inked. The net worth of the MoUs is equivalent to the state Budget for 2018-2019 as on day one of the two-day event, the country's three top industrialists announced to invest Rs 70,000 crore in the state and create more than 3 lakh jobs.

Modi said UP has the potential and resources to become the "growth engine" of the country and congratulated Chief Minister Yogi Adityanath for ensuring the presence of about 5,000 investors in a short span of time.

"On the occasion, I would like to announce that one of the two defence industrial corridors, announced in the Budget, would be set up from Agra to Chitrakoot in Bundelkhand. It will attract an investment of Rs 20,000 crore and create 2.5 lakh job avenues for youth," declared Modi amid thunderous applause.

He said that under the Yogi government, the foundation for a "New Uttar Pradesh" has been laid. "Instead of red tape, UP is now ready to roll out red carpet for investors," he said.

"UP is going to have two international airports, and 11 airstrips in the state will be expanded to increase air connectivity," he said. 

He added that the Centre has already sanctioned a Rs 4 lakh-crore loan to the UP government.

Adityanath assured to provide hassle-free single-window digital system clearance for government approvals, robust infrastructure and security to those making investments in the state. "Our focus is on creating about 20 lakh job opportunities in the next three years," he said.

Home Minister Rajnath Singh announced to raise a separate industrial force in UP to provide special security cover to investors.

Reliance Industries Chairman Mukesh Ambani said his company Reliance Jio has already invested Rs 20,000 crore in UP and provided jobs to 40,000. "Reliance Jio will invest Rs 10,000 crore more in the next three years in the state and create over 1 lakh job avenues," he said. He also announced that the company will make available 2 crore smart phones in the next two months in UP to promote the Prime Minister's digital India campaign.

Adani Group Chairman Gautam Adani compared the summit with the 'Vibrant Gujarat' initiative and announced to invest Rs 35,000 crore and create 1 lakh job avenues in the state in the next five years. Birla Group Chairman Kumarmanglam Birla said his company will invest Rs 25,000 crore in cement, telecom, chemical industries and create 1 lakh job opportunities.

Mahindra and Mahindra Group Chairman Anand Mahindra assured to invest Rs 25,000 crore and set up an electric vehicle manufacturing unit in the state.

Tata Group Chairman N. Chandrasekharan promised to set up another TCS centre, in addition to the one in Lucknow, and create 30,000 job avenues for IT graduates.

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