UP set to roll out policy to attract FDI, Fortune 500 companies

Only seven Fortune 500 companies are present in the state despite record investment proposals of ₹35-37 lakh crore at the UP Global Investors’ Summit-2023

LUCKNOW Uttar Pradesh government is all set to come out with a new policy to attract foreign direct investment (FDI) and Fortune 500 companies, and if all goes well, the same may be announced by October.

At a high-level meeting held on July 18, chief minister Yogi Adityanath had asked senior officers to work out a new policy to attract FDI. (Pic for representation)

A new policy is in the works as FDI inflows remained low and the state does not have significant presence of Fortune 500 companies despite receiving record investment proposals of ₹35-37 lakh crore at the Global Investors’ Summit-2023 held in Lucknow.

At a high-level meeting held here on July 18, chief minister Yogi Adityanath had asked senior officers to work out a new policy to attract FDI. Infrastructure and industrial development commissioner (IIDC) Manoj Kumar Singh confirmed that the state government is in final stages of working out the new policy and the same may be announced by next month.

“We are going to announce a new policy focused on attracting FDIs and Fortune 500 companies. UP does not attract much FDI and only seven Fortune 500 companies are present in the state. The new policy incorporating incentives will help attract investments. We are making efforts to finalise the new policy and put the same in place by October 10,” said Singh.

Uttar Pradesh, the third largest economy of India, shares its inland borders with seven states and international border with Nepal. It has worked out policies for different sectors and has received 22,000 investment proposals worth ₹37 lakh crore through the UP GIS-2023. Those aware of the development said the state received FDI equity inflow of only USD 224.81 million out of total inflow of USD 51,339.27 million received in the country during the period.

The state government has simplified approval process and is promoting ease of doing business to attract investment. It proposes to hold ground-breaking ceremony to implement the investment proposals soon.