UP has potential to be Indias biggest economy, says Kovind

President Ram Nath Kovind today said Uttar Pradesh has the potential to become the biggest economy in the country.

"There are clear reasons for the interest shown by investors in the state...it has the biggest labour and consumer force," he said at the valedictory function drawing curtains on the two-day UP Investors Summit.

"This state has the potential to become the biggest state economy in the country," he added.

The President said that state government has shown strong determination in extending ease of doing business and nivesh mitra, the single window portal has been started.

The state government has also taken an initiative in actualising the business reform action plan 2017 as per the suggestion of the central government and a new policy has been launched for industrial investment and employment generation, he said, adding that all this has increased the faith of investors, he said.

'The investors are also feeling buoyed by the state and centre's involvement in ensuring peace and security, logical tax regime, atmosphere conducive for running an enterprise, strong infrastructure among others, transport," he said.

Kovind added that Nodia, which comes under the NCR region, lies on the golden quadrangle and so has helped in giving momentum to the commercial activities in the state.

Congratulating the state government for holding a successful summit, the President said the state which has vast resources required proper utilisation of its economic potential as only its development can complete the development of the country.

This summit has been an important step for development of Uttar Pradesh, he said.

The recent period has been one of enormous changes in the country, of soaring aspirations and achievements, he said, adding that GST has been a milestone it has broken down barriers, provided boost to market and economy.

Kovind further said that filing of taxes has been smoothened under the GST and switch from cash to digital payment has been notable, creating new opportunities.

Referring to the various facilities and infrastructure available in the state, the President said that farmers here are enthusiastic for using modern means of agriculture and an agri value chain has to be developed in an manner so that small farmer can sell its product at the right price and there is an availability for cold storage facilities and marketing.

Food mart and food processing, animal husbandry and dairy have vast potential for investments and several investors have shown interest in these areas, he said, adding that UP leads in exporting several goods and handicrafts, carpet and leather goods for attracting foreign exchange and employment.

Lauding the Chief Minister Yogi Adityanath's one district-one product scheme in this regard , he said it should be learnt from Italy and France as to how hand- made goods can help earn foreign exchange by branding and marketing.

Most important is investing in human resources and UP government has made maximum allocation for education in its budget, the President said.

He advised the state to extend traditional hospitality to investors in order to motivate them to invest emotionally also.

Apart from attracting economic investments, the people should motivate those who come to invest in it emotionally as well, he said.

It is home to some of India's finest institutions of higher education, such as IIT Kanpur, IIM Lucknow, Banaras Hindu University, Allahabad University and so many others, he said.

This talent pool and energy can give UP the base to become an economic powerhouse. They make it an irresistible destination for investors, he added.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)