The coronavirus crisis may have doomed the world with limited growth prospects, but that is not the case for Uttar Pradesh, a northern Indian state, which is home to over 20.4 crore inhabitants.
The virus outbreak has made a lot of companies reevaluate their decision of investing in China. This proved to be an opportunity for the Indian Industrial sector to lend themselves as a suitable alternative.
Uttar Pradesh’s Chief Minister Yogi Adityanath advised the Industrial sector to pitch a plan for presenting Uttar Pradesh as a suitable investment alternative. This could prove to be highly beneficial for India, considering the fact that as many as 100 companies are in talks with the state government. A video conference was held in April, 2020; a few reports suggest that FedEx, Cisco, Adobe, Honeywell were a part of the discussion.
"US has significant investment in China. Both Prime Minister Narendra Modi and CM want to use the opportunity where industries are moving out of China and try to bring them to India, and to Uttar Pradesh. Video-conferencing was held with over 100 American companies on Tuesday, and they show interest," were the words of Sidharth Nath Singh, Minister for MSME, Investment and Exports in the Uttar Pradesh government.
According to National Sample Survey institutes data of 2017-2018, Uttar Pradesh has 15830 factories with 8,39,131 workers. With migrants returning from different states Uttar Pradesh is expected to experience a high rate of unemployment. Therefore in order to make sure that the migrants get work in Uttar Pradesh itself, Yogi Adityanath government created a new policy of creating more MSME jobs in the state. The state is expected to employ around 20 lakh migrants returning from different states of India.
Earlier this month the KCCI chairman Yongmaan Park was seeking to relocate their investments from China, and India seemed to be a favourable option as an alternative. The Uttar Pradesh government has assured the KCCI Chairman that they would help assist them to set up factories in the State.