UP mulls policy for services, retail
The Yogi Adityanath government in Uttar Pradesh (UP) on Saturday announced that it would come up with new policy framework for industries, including retail, electric vehicle and services sector. The new policies will be designed with a view to attract private investment and create more jobs.
UP industrial development minister, Satish Mahana says that planned policies will not only help attract fresh investments but create mass employment opportunities in the state.
Being a large and populous state, UP has emerged as a key market for retail giants, including Amazon and Walmart, who are keen to expand their footprint in the state.
Interacting with industrialists and investors, Mahana announced that the state government would lay the foundation of industrial and infrastructure projects totalling ~one trillion over the next two months. Of the total planned investments, projects worth ~500 billion will be launched at a ground breaking ceremony that is scheduled for later this month. The proposed projects are part of ~4.68 trillion worth of memorandum of understanding (MoU) signed with companies during the ‘UP Investors Summit’ on 21-22 February, 2018. Meanwhile, UP chief secretary Anup Chandra Pandey informed that the government had made available 340 megawatt (mw) of power under open access platform. Besides, the state is encouraging investment in the biofuel space while promising capital subsidy to investors through the state nodal agency The Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). He said the single window clearance system has been put in place for faster clearance of business proposals. The state had earlier announced to frame new policies for financial services and data centres as well. The new policies are expected to give a fillip to these sectors and project UP as an attractive investment destination. Recently, CM Adityanath had expressed displeasure over the slow pace of follow-up for a number of projects that were in pipeline.
On July 29, Prime Minister Narendra Modi had laid foundation of projects worth ~600 billion. Inaugurating the Summit, Modi had exhorted states like UP and Maharashtra to compete and emerge as the country’s first trillion dollar economies.
Earlier, Adityanath had directed officials to ensure that all ground work be completed to facilitate smooth launch of projects. So that government is in a position to launch projects worth ~500 billion in the second week of December. Another ground breaking ceremony would be organised early next year. Besides, the state is pursuing three other mega infrastructure projects viz. Bundelkhand Defence Corridor, Bundelkhand Expressway and Jewar International Airport. Defence Corridor is touted to get investment of almost ~500 billion, the 289 km Bundelkhand Expressway is estimated to cost ~100 billion.