The transformation of Lucknow from the political nerve centre of the state to an industrial hub has been slow but gradual.
The state capital is trying to come out of the shadow of its famed Chikanrai and Zardozi and move towards being a manufacturing and real estate hub.
Lucknow has surpassed its target and managed to bring investment proposals of ₹56,299 crore against the set goal of ₹50,000 crore for the Uttar Pradesh Global Investors’ Summit (GIS) 2023 from February 10-12.
The state government has signed 262 MoUs and has also received 331 proposals for investment.
As Lucknow remains the most favoured city to relocate for people of Eastern Uttar Pradesh, several real estate projects are lined up for the state capital.
The real estate sector has taken the lead with ₹15,485 crore investment proposals for Lucknow coming from prominent developers. Lucknow-based Shalimar Corporation Limited has pledged to invest ₹2,032 crore followed by ₹1,500 crore by the Omaxe Limited.
Housing projects will ensure housing facilities for around 60,000 people and will also ensure direct and indirect employment to around 50,000 locals.
“The LDA has already approved maps of around 90% of these projects. The remaining approvals will be given at the earliest,” said Indramani Tripathi, vice-chairman, Lucknow Development Authority (LDA).
Lucknow-based MSME industrialist Man Mohan Agarwal will invest ₹100 crore in setting up a new unit, Manali Pigments Private Limited.
“The state government’s focus on plastic industry has helped up send finished products to other states and compete with rest of the country, especially Gujarat and Maharashtra,” said Man Mohan Agarwal.
According to Ashok Agarwal, president, IIA, the state capital is among the favourite destinations of investors.
Apart from MSME units and real estate sector, units of several sectors will come up in Lucknow, added Agarwal.
Four prominent industrial areas in the state capital are Talkatora, Chinhat, Sarojini Nagar and Amausi.
In addition to this, the state government is also promoting industries in Arjunganj on Sultanpur Road and in Nawabganj area which shares its boundary with the Unnao district.
The district administration of Lucknow is confident that investment proposals in the state capital will go up further at the three-day GIS -2023 summit.