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The embattled Akhilesh Yadav government in Uttar Pradesh is gearing up to hold an Investment Summit in New Delhi on June 12 under the shadow of persistent bad press over ‘deteriorating’ law and order situation.
The top brass of bureaucracy alongside UP’s knowledge partner Ernst & Young (E&Y) are burning the midnight oil to make the Summit successful. Yadav is scheduled to meet the select invitees to promote ‘Brand UP’.
Invitations are being sent to prominent industrialists and investors, while foreign diplomats are being courted to showcase UP as an investment destination. Chief secretary Alok Ranjan was camping in the national capital yesterday for the purpose.
Rising cases of heinous crimes being reported in recent past has already left the government to fend off harsh criticism over deteriorating law and order. Pushed to the corner by a nosey media and opposition parties, the government had recently replaced chief secretary and principal secretary home.
The gruesome rape and murder of two sisters in Badaun district had proved to be the flashpoint for the government. Even, UN secretary General Ban Ki Moon had lamented the UP incident, while US State department deputy spokesperson expressed concern over sexual crimes and murders in India when reportedly asked about the Badaun incident.
In this backdrop, the success of Investment Summit is imperative for Yadav to make a statement about the confidence of investors in the incumbent regime, especially after the drubbing in recent Lok Sabha polls.
However, UP has not gained from similar summits that had been organised in the past.
During Mayawati rule, ‘Invest UP’ was held in Mumbai on October 27, 2009, although she had herself skipped the event. Top state officials led by cabinet secretary Shashank Shekhar Singh had played host and representatives of top business groups such as Videocon, Mahindra, Modi, Essar, India Bulls, Tata and Jaypee had participated. But, no Memorandum of Understanding (MoU) were signed and it finally came a cropper.
A similar proposed event had earlier been cancelled at last minute in July 2008.
Later, UP was partner in the 19th edition of the Confederation of Indian Industry (CII) Partnership Summit at Agra during 27-29 January 2013.
The state had showcased its new industrial policy and the sops already announced with a view to securing more investment. The CM was present to chair the session on ‘UP – The land of opportunities’.
Later on March 13, 2013, the Akhilesh government had hosted a US business delegation and solicited investment in agro-food processing, manufacturing, infrastructure, IT, skills development and healthcare. It was organised by CII in association with US India Business Council (USIBC) as ‘Destination Uttar Pradesh - Investing in Future’.
USIBC chairman and MasterCard Worldwide CEO Ajay Banga had even invited Yadav to visit USA. That visit never fructified.
On August 26, 2013, UP had participated at the CII Investment Conclave in New Delhi under ‘Invest North 2013’ tying to showcase ‘Brand UP’ before domestic and foreign investors. CM had skipped the event.
In November 2013, Yadav had skipped a major IT Conclave in Lucknow despite committing to attend it. The event, wherein UP government was also a partner, had witnessed senior executives of top IT firms congregate in the state capital.
All these exercises have so far proved utter failure in either promoting ‘Brand UP’ or resulting in investment flow.
Meanwhile, most confirmations for the Investment Summit are yet to come. E&Y officials could not be reached for comments despite repeated attempts.
