Economy

UP Defence Corridor Secures ₹25,000 Crore Investment Through 154 MOUs

Published On Tue, 09 Jul 2024
Vivaan Kapoor
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Recent reports indicate that the Uttar Pradesh (UP) government has entered into over 150 defence manufacturing agreements amounting to ₹25,000 crore (approximately $3 billion USD) under the UP Defence Industrial Corridor. These agreements involve prominent entities such as Adani Defence and BrahMos Aerospace, aiming to enhance India's defence production capabilities and exports. The initiative is projected to generate 40,000 employment opportunities across six districts in Uttar Pradesh, including Lucknow, Kanpur, Jhansi, Aligarh, Chitrakoot, and Agra.
The investments in the UP Defence Corridor are poised to significantly bolster industrial development in the region. The state government has allocated 1,700 hectares of land, with over 40 companies assigned land for their respective projects. These companies are expected to collectively invest nearly ₹8,000 crore, contributing to India's strategic goal of achieving self-reliance in defence production.
The UP Defence Industrial Corridor is part of the government's broader strategy to strengthen India's defence manufacturing sector. Established alongside a similar corridor in Tamil Nadu, the initiative seeks to attract investments and build a robust domestic supply chain, crucial for fortifying India's defence manufacturing ecosystem. The government has allocated 25% of the domestic capital procurement/acquisition budget for fiscal year 2022-23 to support domestic private industry, including MSMEs and start-ups, in the defence sector.
Overall, the agreements under the UP Defence Corridor, valued at ₹25,000 crore through 154 MoUs, are expected to accelerate industrial growth in Uttar Pradesh while advancing India's self-sufficiency in defence manufacturing.
Disclaimer: This image is taken from Mint.
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