UP cabinet okays multi-modal logistics parks policy-2024

Those applying to set up a project under the policy should be registered as a Fortune Global 500, a Fortune India 500 company on the date of application

In an obvious bid to attract investment in the logistics sector, the state cabinet on Tuesday approved multi-modal logistics parks (MMLP) policy 2024 providing for special incentives to set up multi-modal logistics parks in Uttar Pradesh.

Chief minister Yogi Adityanath presided over the meeting of the state cabinet. (HT file)

Chief minister Yogi Adityanath presided over the meeting of the state cabinet that approved the policy providing for incentives for setting up logistics parks. Under the provisions of the policy, projects with a minimum investment of ₹1,000 crore would be eligible for investment.

Those applying to set up a project under the policy should be registered as a Fortune Global 500, a Fortune India 500 company on the date of application or willing to make foreign direct investment of ₹100 crore in Uttar Pradesh.

The policy provides for 30 percent upfront land subsidy for the projects. The land subsidy would be given only on the land allocated by the state’s industrial development authority or any other government institution. The applicant would also be exempted from all the development fees that would be borne by the respective development authorities.

There would be 100 percent exemption in the stamp duty on the land to be given on lease to the applicant. Various other facilities would also be given. The logistics, which was 215 billion USD industry in 2020 in India, is likely to grow to 360 billion USD by 2032.