Uttar Pradesh’s new industrial policy is round the corner and ready for launch as the Chief Minister has approved the same in a Cabinet meeting held in Lucknow on July 4. The Yogi Adityanath-led government aims to not only ease the doing of business, but is also offering surplus sops to businesses willing to set-up in state, post new policy.
Under the new industrial policy of UP, small and mid-scale industries will be given protection and facility to do business, Deputy CM Dinesh Sharma said.
The policy, aptly called the Industrial Investment and Employment Policy, aims to give a push to “Make in UP” by integrating it with Centre’s Make in India campaign. It is expected to make way for more investments in the state, as well as boost employment opportunities, state’s Industrial Development Minister Satish Mahana said
Given the NCR concentrated settlement of industries in UP, the government has ensured boost to eastern and central UP and Bundelkhand regions of the state by way of special incentives such as tax holidays, reimbursements, stamp duty exemptions to investors, et al.
Further, the government will also set up a Single Window Clearance Department, for time-bound clearance of project related works at the CMO. The Cabinet also announced the formulation of a land bank.
The UP Cabinet had constituted a Group of Ministers under the leadership of Deputy Chief Minister in April to draft the new policy, after analyzing the successful industrial models of states like Gujarat, Maharashtra, etc. Having received the nod of Cabinet, the roll-out of new policy is expected soon now, which will be effective for three years after implementation.