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Uttar Pradesh To Attract Foreign Investment With New FDI Policy Of Exemptions In Land Acquisition, Stamp Duty
Uttar Pradesh Chief Minister Yogi Adityanath
The Uttar Pradesh Cabinet on Tuesday (31 October) approved a new foreign direct investment (FDI) policy aimed at enticing international investors with various incentives, including exemptions in land acquisition, stamp duty, and capital investment.
According to Indian Express, Suresh Khanna, the State Parliamentary Affairs Minister, cited the need for this decision due to the state's relatively low foreign investment, which currently stands at just Rs 9,435 crore, lower than many other states.
The new policy will also offer area-specific exemptions in stamp duty and registration fees in alignment with the Uttar Pradesh Industrial Investment and Employment Promotion Policy-2022. Additionally, a 100 percent exemption in electricity duty will be granted for a five-year period on top of existing incentives.
Under this policy, the state government will also reimburse the training expenses for a maximum of 500 individuals, providing up to Rs 25,000 per person per month for a duration of five years. An allocation of Rs 15 crore will be designated for these incentives.
In another decision, the Cabinet greenlit a proposal to provide two free LPG cylinder refills to beneficiaries of the Pradhan Mantri Ujjwala Yojana for two quarters, from October 2023 to March 2024. This initiative, estimated to cost Rs 2,312 crore, will benefit 1.75 crore families.
During the initial phase, Aadhaar-certified beneficiaries will receive a cylinder refill (14.2 kg) at the prevailing consumer rate, with subsidies refunded later by oil companies to the Aadhaar-certified accounts of the beneficiaries.
Furthermore, the Cabinet approved the establishment of tribal museums in Mirzapur, Sonbhadra, and Maharajganj districts. It also endorsed a proposal for the installation and operation of e-POS machines, including electronic weighing machines, at 79,000 fair price shops throughout the state.
Additionally, a proposal of Rs 597 crore was cleared for the state police helpline, UP 112, with a three-year spending plan. The minister highlighted the helpline's remarkable average response time of 13 minutes and the enhanced ability for complainants to locate a UP 112 vehicle within 50 meters, thanks to the utilization of new technology. The manpower dedicated to the helpline has been increased to 875 personnel.
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