Lucknow, Mar 13 (IANS): There is a revolution waiting to happen in rural Uttar Pradesh but capital and technology were needed to unleash the state's unlimited potential, Chief Minister Akhilesh Yadav said at a business summit here Wednesday.

"Rural UP is the revolution waiting to happen," the chief minister said while addressing delegates at the summit 'Destination Uttar Pradesh-Investing in Future', which showcases the state as a business and investment destination for US entrepreneurs.

The discussions at the event focused on sectors like Agri-food processing, manufacturing, infrastructure, IT, skills development and healthcare.

Yadav said capital and technology were "critical needs" to tap the unlimited potential of the state, which has registered an average growth rate of six percent and is among the top five states performing economically well in the country.

He added that the state has about 11 percent purchasing power of the country and was a leader in agricultural production.

Inviting US companies to invest in defence, heavy engineering and automobile sectors, Yadav assured the US industry captains of all support from the state government through "an enabling environment and partnership to create a true and exciting picture for UP".

Chief Secretary Javed Usmani said investment worth US$4.2 billion were proposed in various highway projects in the state.

Ajay Banga, chairman, US-India Business Council and president and CEO of MasterCard Worldwide, said "soft and hard infrastructures" were to play a crucial role in UP's economic growth, and suggested that 1-2 million jobs be created to ensure development in the state.