‘Investment Board’ to monitor future UP investmentsUpdated: Sep 26, 2019, 23:22 IST
Lucknow: The Yogi Adiyanath government is planning to set up an ‘Investment Board’ to bring in more investments in the state and monitor all future investments.
Chief minister Yogi Adityanath will be the chairman of this board and a minister will be its vice chairman. The proposed board will have overriding powers in all matters related to investments.
The board will also conduct all future investors summit and all major industry related events in the state.
“The government is in the process of setting up an Investment Board. The proposed board will regulate investment in all sectors,” said Siddharth Nath Singh, cabinet minister for MSME, Investment and Export.
“The Investment Board will regulate investment not only in the industrial sector but also in health, agriculture, tourism among others,” added Singh.
“The government is in the process of drafting a proposal in this regard. Soon, things will be clear,” pointed out Singh.
The Investment Board is also likely to conduct the 11th Defence Expo, slated to be the biggest till date, to be held in Lucknow from February 5 to 8 next.
In this Expo, defence companies from all across the world and India will put up their stalls and showcase their weapons and defence related equipment.
For the global investors’ summit proposed next year, the state government is planning to conduct road shows in the US, the UK and other countries. In addition to this, the government will also conduct road shows in all metropolitan cities in the country, New Delhi and Mumbai. All these events will be monitored by the board.
According to government officials, after getting approval from the state cabinet, the draft will be tabled in Vidhan Sabha and Vidhan Parishad before the Investment Board comes into existence.
The board will have around 20 members comprising principal secretaries or additional chief secretaries from all departments apart from ministers. The government is also planning to appoint investment experts as members of the board.
The board’s first major task will be to conduct the Global Investors’ summit proposed in February next. The Yogi government is aiming to bring in investment from major countries, including US, UK and Europe.
In February 2018, the state government had organised Investors’ summit in which the government had signed MOUs worth ₹4.28 crore with 1045 companies. Through the two ground breaking ceremonies the state government is rolling out these MOUs.
To make the event a success, the Modi government will help the state government in connecting with all prominent chambers of commerce across the world. The government will also extend invitation to countries through their embassies in New Delhi.