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U.P. cabinet okays proposal to set up special investment regions
Uttar Pradesh cabinet approves NIRMAN Act 2024 to develop investment zones, boost industrial growth, and aim for trillion-dollar economy; also nods to pact with ITPO for modern infrastructure.
The Uttar Pradesh cabinet on Tuesday approved a proposal to implement a new law—Nodal Investment Region for Manufacturing (NIRMAN) Act, 2024—to develop large investment zones or clusters with legal backing of powers to establish, develop, operate and regulate to boost industrial development and make the state a trillion-dollar economy.
Chief minister Yogi Adityanath presided over the meeting of the state cabinet at the Lok Bhawan that approved the proposal in this regard here. Minister for finance Suresh Khanna led the team of ministers to brief media persons about the state cabinet’s decisions.
Principal secretary, infrastructure and industrial development, Anil Kumar Sagar said Uttar Pradesh would be fourth state after Gujarat, Karnataka and Rajasthan to implement the NIRMAN Act. He said this would help in attracting big investors and this would create new job avenues too. He said under the provisions of new law, the state government’s powers would be decentralised.
Sagar said the special investment regions with the backing of law would have powers of issuing NOCs and clearances that were so far vested with the state government. He said the state government’s consultant for trillion-dollar economy project—the Deloitte India—has projected need for 2.1 lakh acre land for investment to make the state a trillion-dollar economy.
Sagar said the average size of industrial areas was about 190 acres with 75 percent of the industrial areas having a size of only 50 acres. He said big companies like Mercedes Benz and Apple have set up plants in other states in view of availability of special investment regions there.
As per Sagar, the law in Gujarat provides for setting up of the special industrial regions of a size of even 10,000 hectare and the state government is yet to decided the size of the proposed regions. He said the state government has received recommendation to set up four special industrial regions in four geographical regions-east, west and central UP besides the Bundelkhand region.
The state cabinet gave its nod to an agreement between the state government and the India Trade Promotion Organisation (ITPO) to set up modern infrastructure equipped with technology like the Bharat Mandapam Convention Centre in Lucknow and Varanasi.
The Bharat Mandapam Convention Centre is a world class facility to host national/ international trade fairs and display MSME products. The state government is likely to set up a special purpose vehicle and the ITPO has agreed to the proposal.
