UP Emerges As Top Investment Destination; Proposals Worth Over Rs 13,000 Cr Received In Past Three Years
Uttar Pradesh is emerging as a top investment destination in the country with 98 investment proposals worth Rs 13,408.19 crore (over Rs 134 billion) having been received in the manufacturing sector during the past three and a half years.
Industrialists from the country and abroad are investing heavily in infrastructure, food processing, textiles, electronic manufacturing, real estate, power and manufacturing sectors in UP.
However, of all these sectors, manufacturing is the most preferred and is booming.
The manufacturing sector got the required boost in UP after Chief Minister Yogi Adityanath made some policy changes to create a favourable environment for investments in the state.
According to the statistics released by the Department of Industrial Development, the 98 investment proposals worth Rs 13,408.19 crore in the manufacturing sector include ten proposals worth Rs 4,250 crore (Rs 402 billion) from foreign investors, as well as 88 proposals from domestic companies for setting up large manufacturing units in the state that will provide employment to more than 22,000 people.
The Yogi Government has already provided land to 66 industrialists out of 88 for establishing their manufacturing units.
Most of these industrialists have completed the construction of their units and started production as well. Apart from this, 26 major industrialists are moving ahead with their plans to set up firms.
According to officials, Covestro IP is setting up a plastic manufacturing unit in Gautam Buddha Nagar (Noida) at a cost of Rs 800 crore.
Similarly, UltraTech Company is setting up a cement factory in Prayagraj at a cost of Rs 600 crore.
Sparsh Industries Private Limited and Rimjhim Ispat have invested Rs 600 crore and Rs 550 crore respectively in Kanpur Dehat.
Furthermore, DCM Shriram is setting up a sugar mill in Hardoi at a cost of Rs 361 crore. Kent RO Systems Ltd has invested Rs 300 crore in Gautam Buddha Nagar whereas PTC Industries Ltd has invested Rs 205 crore in Lucknow.
Similarly, MM Forgings Pvt Ltd has invested Rs 150 crore in Barabanki and Password Papers has invested Rs 351 crore in Meerut while Silverstone is setting up a paper mill in Muzaffarnagar at a cost of Rs 180 crore.
Besides, the Kanodia Group is investing Rs 1200 crore in Amethi and JK Cement Limited Rs 650 crore in Aligarh to set up a cement factory.
According to the Federation of Indian Chambers of Commerce and Industry (FICCI), the transparency of the Yogi Government's policies is the main reason for rising investments in the state.
The launch of a single-window system for facilitating various clearances and certification by the Yogi Government to expedite the setting up of factories has made the task of industrialists much easier.
Besides, the introduction of an online system has brought about transparency into dealings and transactions.
This news has been published via a Syndicated feed. Only the headline is changed.
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