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Yogi to disburse ₹1300 crore incentives to industrial units on Friday
Chief Minister Yogi Adityanath will distribute ₹1300 crore in incentives to over two dozen industrial units at Lok Bhavan, reinforcing the state's commitment to investment.
Chief minister Yogi Adityanath will distribute incentives of about ₹1300 crore to over two dozen industrial units in a special programme at Lok Bhavan here on Friday to send a message to the investors that the state government remains committed to fulfilling the promises made to the industry by the present or previous regimes to attract investment to Uttar Pradesh.
An official press release said Letters of Comfort for ₹10,715 crore will be given to 28 companies on the occasion.
This is the first time that a special programme has been organised to distribute incentives to the state’s industrial projects set up over the years.
“Yes, this is the first time in Uttar Pradesh that the state government will be distributing incentives of ₹1300 crore to the industry. The promises made to the industry are being kept. The chief minister will distribute the incentives of ₹1300 crore to the industry at Lok Bhavan here,” chief secretary Manoj Kumar Singh said.
The state government formulated the Uttar Pradesh Infrastructure and Industrial Investment Policy-2012 during the tenure of Akhilesh Yadav as chief minister in 2012. When Yogi Adityanath assumed the chief minister’s office in 2017, he came out with the Uttar Pradesh Industrial Investment and Employment Promotion Policy, 2017. The Yogi 2.0 government brought Uttar Pradesh Investment and Employment Promotion Policy 2022.
Invest UP CEO Abhishek Prakash also confirmed that incentives of ₹1300 crore will be distributed at Lok Bhavan.
The state government has been under attack from the opposition for not disbursing the incentives.
It has been alleged that some big companies may shift their units from Uttar Pradesh. Samajwadi Party member Ragini Sonkar questioned the state government on the investment issue during the Monsoon session of the state legislative assembly and said Samsung India was shifting its operations from Uttar Pradesh. Minister for parliamentary affairs Suresh Khanna, however, asserted that no industrial unit has shifted its operations from the state.
He said Samsung India’s mobile displaying unit was still functioning in the state and the state government was giving incentives to all the industrial units.
He said the industrial units work where it suits them, and the issue of Samsung India was being dealt with at the political and official levels.
Various industrial units are entitled to get the promised incentives once the projects are commissioned and begin commercial production. The state’s investment policies have promised different incentives. Those setting up units in eastern U.P. and Bundelkhand get incentives of up to 300 per cent of eligible capital investment made while those investing in west U.P. and central U.P. are promised 100 per cent and 200 per cent of eligible investment as incentives respectively.
