scorecardRIL will invest ₹75,000 crore in 4 years in UP to create over 1 lakh jobs: Mukesh Ambani
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RIL will invest ₹75,000 crore in 4 years in UP to create over 1 lakh jobs: Mukesh Ambani

RIL will invest ₹75,000 crore in 4 years in UP to create over 1 lakh jobs: Mukesh Ambani
Business2 min read
  • Our businesses are growth multipliers and also employment multipliers, said Mukesh Ambani.

  • The divide between urban India and rural Bharat is also closing, said Ambani.

  • RIL plans to pilot two new initiatives — Jio School and Jio AI Doctor in UP.

  • Ambani said that this year’s Budget laid the foundation for India’s emergence as a developed nation.
Reliance Industries Limited (RIL) chairman Mukesh Ambani on Friday said the conglomerate would invest ₹75,000 crore in the next four years in Uttar Pradesh. This investment will be across the conglomerate’s telecom, retail and renewable businesses, he said at the Uttar Pradesh Global Investors Summit 2023 in Lucknow.

“Our businesses have not only been growth multipliers as they enable several sectors of the economy to grow, but also employment multipliers. In a nutshell, Reliance will continue to work for UP, jee jaan se (with mind and heart). And we always back our words with action,” said Ambani claiming that the new investments will create an additional over 1 lakh jobs in the state.

According to him, RIL has invested ₹50,000 crore in the state till date, and helped generate over 80,000 direct and indirect jobs. The company’s telecom arm, Jio, is working towards completing its 5G rollout in every town and village of UP by the end of December 2023, he said.

RIL also plans to pilot two new initiatives — Jio School and Jio AI Doctor to bring healthcare and education in an affordable manner to small towns and villages of the state. He also outlined plans to set up 10 GW of renewable energy capacity — the largest in UP, and also start an ambitious new bio-energy business.

“The divide between urban India and rural Bharat is also closing. There is unprecedented hope and optimism among the people. Nobody in the world can question the fundamentals of (the) Indian economy. They are robust,” said Ambani at the summit which was also attended by Prime Minister Narendra Modi, along with UP’s chief minister Yogi Adityanath and the governor Anandiben Patel.

Reliance Retail also intends to increase sourcing of a wide range of agriculture and non-agro products by many times over, from the state. RIL’s chairman said that it will benefit kisans (farmers), local artisans, craftsmen, MSMEs, as well as the supply-chain ecosystem in UP.

Ambani also said that India is entering Amritkaal or a golden age. “This year’s Budget has indeed laid the foundation for India’s emergence as a developed nation. It stands out for its highest-ever resource allocation for building the foundation for a country’s growth in terms of capital expenditure,” he said.

Finance minister Nirmala Sitharaman on February 1 said that the government will increase its capital outlay by 33% to ₹10 lakh crore in FY24 – that’s 3.3% of GDP.

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