UP Received Four Times more FDI in 2019-23 than in 2000-17 | Uttar Pradesh | 21 Feb 2024
Why in News?
Recently, Uttar Pradesh Chief Minister inaugurated the 'UP: An Emerging Destination for Foreign Investment in India" conference.
Key Points
- During the conference, the CM informed that UP received four times more Foreign Direct Investment (FDI) in 2019-23 in comparison to 2000-2017.
- According to the official statement, the state government will fulfill the targets set for UP by the Prime Minister in a time bound manner.
- The state has changed its image in the last 6-7 years. Seven years ago, UP used to be the BIMARU state of the country.
- According to the CM, the increased investment is the result of improved law and order situation.
BIMARU
- It is an acronym for Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh, a grouping of states that have historically lagged in economic and social indicators.
- These states are characterised by high levels of poverty, low literacy rates, and poor infrastructure.
- There are a number of factors that have contributed to this, including:
- Lack Of Investment: These states have historically received less investment from the central government than other states in India. This has led to a lack of infrastructure development, which has made it difficult for businesses to operate in these states.
- Poor Governance: The BIMARU states have also been plagued by poor governance. This has resulted in corruption, nepotism, and a lack of transparency. This has made it difficult for businesses to operate in these states and has also discouraged investment.
- High Population Growth: The BIMARU states have also experienced high population growth rates. This has put a strain on resources and has made it difficult for the governments of these states to provide basic services to their citizens.
