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Growth And Green Shoots
In this issue we flash a spotlight on Uttar Pradesh, a state that has witnessed an amazing turnaround over the last four years – not just in its fortunes but in terms of overall governance.
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No man will make a great leader who wants to do it all himself, or to get all the credit for doing it — Andrew Carnegie
In this issue we flash a spotlight on Uttar Pradesh, a state that has witnessed an amazing turnaround over the last four years – not just in its fortunes but in terms of overall governance. The outcome has been a tremendous response from investors, who have reposed their faith in the UP administration even during the long pall of gloom that gripped the country and the world since January 2020.
The state has transformed into an industrial powerhouse over the last four years. It saw investments flow in to the tune of Rs 4.68 lakh crore during the Investors Summit in 2018, where new projects worth Rs 3 lakh crore were announced for the ensuing two years. At the same time UP remained committed to the welfare of the agriculture sector and the farming community. The UP government has waived off farm debts to the tune of Rs 36,000 crore.
Uttar Pradesh has taken concrete measures to create jobs and to boost the economy. In a candid conversation with me, Chief Minister Yogi Adityanath talks of his resolve to achieve a trillion dollar economy as part of India’s mission to attain a GDP of $5 trillion. He talks of his mantra for attracting investments and speaks about measures undertaken for the welfare of the people of UP. Read all about the fascinating resurgence of UP in our cover feature.
In our second feature, we look in-depth into the green shoots in the otherwise sluggish housing sector. The residential housing segment is witnessing a resurgence, thanks to the pent up demand among first-time home-owners. The latest GDP data shows that the construction sector grew 6.2 per cent between October and December 2020. Acceleration in the construction sector also revived steel consumption, giving a boost to employment as the economy unlocked. The housing market, a key consumer of steel, saw a gradual resurgence from the lows of Q1 of FY 2020-21. Supply and sales of new homes showed a significant improvement in the last quarter of 2020 with economic recovery, government initiatives and increased market confidence lending an impetus. But will the turnaround transform into a boom, we wonder?
In addition we have our regular columns and reviews that you all look forward to. The Last Word goes to world chess champion, Viswanathan Anand, who talks about life during the pandemic and the digital transformation of chess. I do hope you enjoy reading this issue. Feedback on any aspect of the magazine is always welcome.