NRIs seeking to set up ventures in UP, says govt

  • The statement claimed that impressed by the investor-friendly policies of the Uttar Pradesh government, NRIs are willing to set up their industrial units in IT, agriculture, health, manufacturing and renewable energy sectors the state.
“UP has become a favourite state for both NRIs as well as foreign investors, thanks to the Yogi Government’s efforts," the press release stated (Deepak GuptaHT Photo)
“UP has become a favourite state for both NRIs as well as foreign investors, thanks to the Yogi Government’s efforts," the press release stated (Deepak GuptaHT Photo)
Published on Jul 23, 2021 04:27 PM IST
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By hindustantimes.com, Hindustan Times, New Delhi

The Yogi Aditynath-led Uttar Pradesh government said on Friday that Non-Resident Indians (NRIs) are looking to set up business ventures in the state. “Attracted by Yogi government’s industrial policies, NRIs seek to set up their ventures in UP,” it said in a statement.

“32 NRIs from 18 countries propose to invest Rs1,045 crore in 5 districts,” it added.

The statement claimed that impressed by the investor-friendly policies of the Uttar Pradesh government, NRIs are willing to set up their industrial units in IT, agriculture, health, manufacturing and renewable energy sectors the state.

“More than 50 Non-Resident Indians (NRIs) have taken the initiative to set up industries in the state in the recent past of which 32 are in touch with the State Government to invest about 1,045 crore in Noida-Greater Noida, Lucknow, Kanpur, Gorakhpur and Prayagraj. These NRIs have shown interest in investing in 15 sectors, including among others, agriculture, health, IT, manufacturing and solar energy. Soon these NRIs will start setting up their enterprise in the state, according to officials,” it said.

The government claimed that the launch of the NRI specific section in the UP government’s official website has awakened a keen interest amongst the NRIs and encouraged investment. “UP has become a favourite state for both NRIs as well as foreign investors, thanks to the Yogi Government’s efforts. The interest among NRI investors has increased in the last couple of years, especially after the launch of the website by CM Yogi last year. The NRI section of the website has been screened by over 500 Non-Resident Indians for investing in UP while NRI cards have been issued to 540 of them,” it said.

32 NRIs staying in 18 countries including America, UAE, Oman, Singapore, Australia, Germany, Ghana, New Zealand, Russia, England etc. have sent their investment proposal, the government said.

Out of this, around 13 of the NRI investors own businesses in the countries of their residences and are expanding to UP; and 19 of them are employed in reputed companies abroad are now moving to UP to set up their enterprises.

The government said once these enterprises are operational, they will generate employment for many in the state. “NRIs from the UAE have proposed to build a grand hospital in UP at the estimated cost of 400 crore. Similarly, Dr S Singh, a Russia-based NRI, will invest 300 crore in a renewable energy project. Non-Resident Indians residing in Kuwait have proposed to invest 100 crore in the automotive sector. Furthermore, NRIs residing in Ghana and New Zealand have made investment proposals worth 150 crore in the agriculture sector,” the government said.

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Sunday, October 17, 2021