UP Investors Summit: Over 1,000 MoUs Inked; Good Days Ahead For Infra, Employment
In the ongoing UP Investors Summit, the state has managed to bag some heavy-weight investments for the state. Chief Minister Yogi Adityanath has confirmed that 1,045 memorandum of understandings (MoUs) have been signed with investors which amounts to Rs 4.28 lakh crore.
“We are heading towards a new UP,” said Adityanath, adding that he would personally monitor all projects.
The Summit, similar to the likes of Vibrant Gujarat and Magnetic Maharashtra, was planned to attract investors to develop the core strength areas of the state which include tourism, electronics manufacturing, civil aviation, film, handloom and textile, renewable energy, dairy, agro and processing, MSME and ITes.
The policy push
Banking on the ease of doing business, the UP government had simplified various processes. Some incentives include stamp duty waivers up to 100 per debt, attractive employee-provident-fund (EPF) reimbursement (up to 50 per cent) wherein direct employment could be provided to 100 or more unskilled workers; the State Goods and Service Tax (SGST) reimbursements, capital interest subsidies, infrastructure interest subsidies, industrial quality development, electricity duty exemptions, 100 per cent Mandi fee waivers for new food processing that purchase raw materials and for incentivising employment generation.
Mega-investments in the Paschimanchal, the Madhyanchal and the Bundelkhand-Purvanchal regions would also get incentives.
Besides, every investment in any one of the focus sectors has considerable subsidies and incentives attached to it. You can see the full list here.
Prime Minister Narendra Modi said, “I am happy that the Yogi government is taking decisions for value addition in the core strength of the state. Policies are being made linking industrial development with employment opportunities...investors will now get red carpet instead of red tapism.”
Reliance India Ltd Chairman Mukesh Ambani would be investing Rs 10,000 crore through his telecom brand Jio over the next three years which would translate into over one lakh new jobs. The Adani group is keen to invest Rs 35,000 crore in the UP market over the next five years while Aditya Birla Group would be putting in Rs 25,000 crore. Other biggies include Essel and Hinduja.
Mahindra Group would be setting up an electric vehicle manufacturing plant besides a 200-room property in the Vindhya-Varanasi region at a cost of Rs 200 crore.
The ‘START IN UP’ policy will also work as per the INFUSE model with funds for incubators, fund of funds and startup entrepreneurs. A capital grant to the maximum limit of Rs 1 crore would also be provided. Such entrepreneurs would also be entitled to a sustenance allowance of Rs 15,000 per month for a year when the concept is in the idea stage. At the pilot stage, assistance of up to Rs 10 lakh would be provided for marketing and commercialisation.
Besides, there are subsidies for obtaining patents subject to a limit of Rs 2 lakh per Indian patent awarded and Rs 10 lakh per Foreign awarded patents.
Public sector undertakings
Public sector biggies such as Tehri Hydro Development Corporation Limited (THDCIL) and Bharat Heavy Electricals Limited (BHEL) would be putting in Rs 12,000 crore each. Mathura Refinery-Expansion would bring in an investment of Rs 8,700 crore, the Delhi-Mumbai Industrial Corridor (DMIC) would bring in Rs 5,000 crore, Indian Oil Corporation Ltd (IOCL) with Rs 1,500 crore and GAIL would pool in Rs 1,200 crore.
The Summit was organised on a grand scale with partner-countries, including Czech Republic, Finland, Japan, Mauritius, Slovakia, Thailand and The Netherlands.
With over 1,000 MoUs under its belt, the UP government would need to plan speedy implementation to give way to the state coming up as an investor-friendly destination.
With inputs from Housing News