Yogi govt to offer more sops to defence manufacturers

LUCKNOW: The state government has made its defence and aerospace manufacturing policy more lucrative for investors by offering more tax rebates for those willing to set up their units in Bundelkhand region and offering sops for those willing to run simultaneous skill development courses.

The Yogi government came up with the Uttar Pradesh Defence and Manufacturing policy 2018 after Prime Minister Narendra Modi announced a Defence corridor for the Bundelkhand region.

On February 21 last, Modi had announced ₹20,000 crore Defence Industrial Corridor in Bundelkhand region ,considered as one of the most backward regions in the state.

Now, the Yogi government has offered financial benefits for such units willing to give a year-long skill development training along with job to youths.

The government will pay ₹10,000 per month per youth to such industrial units that are willing to offer year-long skill development training along with job to a youth.

Each unit will be entitled to train 50 such youths.

As the Defence Corridor is aimed at generating more jobs for drought-hit Bundelkhand region, the Yogi government has offered capital subsidy for such industrialists that are willing to invest up to ₹10 crore.

Apart from this, the government has also decided to give more rebate, subsidy and tax concessions to industrial units operating in Bundelkhand region.

According to senior government officials, new additions in the Uttar Pradesh Defence and Aerospace Manufacturing policy have been forwarded to the state cabinet for approval.

The Yogi government is going to convene a four-day Defence Expo in the state capital from September 5 to 8.