98 investment proposals worth Rs 13,408.19 crore received in manufacturing sector during the last three and a half years
Yogi Adityanath
Lucknow, June 17: Uttar Pradesh, a state whose name was enough to scare industrialists away only four years ago, has changed rapidly under the leadership of Chief Minister Yogi Adityanath. Today even those industrialists, who earlier were reluctant to invest in the state because of rampant crime and red tape during earlier regimes, feel so safe that they are setting up factories worth billions of rupees in UP.
ADVERTISEMENT
In fact, tycoons based both in India and abroad have started considering UP as one of the safest places to invest in, thanks to CM Yogi’s initiatives to create an investor-friendly environment in the state.
Today, big industrialists of the country and abroad are investing heavily in infrastructure, food processing, textile, electronic manufacturing, real estate, power and manufacturing sectors in UP. However, of all these sectors, manufacturing is the most preferred among them and is booming. The receipt of 98 investment proposals worth Rs 13,408.19 crore (over Rs 134 billion) in manufacturing sector during the last three and a half years bears testimony to this.
It is noteworthy that manufacturing is one sector, industrialists are most cautious about investing in. They prefer to invest in this sector in only those states, which has a more conducive environment for investment compared to other states.
The manufacturing sector got the required boost in UP after CM Yogi made some policy changes to create a favourable environment for investments in the state.
According to the statistics released by the Department of Industrial Development, the 98 investment proposals worth Rs 13,408.19 crore in the manufacturing sector include ten proposals worth Rs 4,250 crore (Rs 402 billion)from foreign investors as well as 88 proposals from domestic companies for setting up large manufacturing units in the state that will provide employment to more than 22,028 people.
The Yogi Government has provided land to 66 industrialists out of 88 for establishing their manufacturing units. Most of these industrialists have completed the construction of their units and started production as well. Apart from this, 26 major industrialists are moving ahead with their plans to set up firms.
According to officials, Covestro IP is setting up a plastic manufacturing unit in Gautam Budh Nagar (Noida) at the cost of Rs 800 crore. Similarly, UltraTech Company is setting up a cement factory in Prayagraj at the cost of Rs 600 crore. Sparsh Industries Private Limited and Rimjhim Ispat have invested Rs 600 crore and Rs 550 crore respectively in Kanpur Dehat. Furthermore, DCM Shriram is setting up a sugar mill in Hardoi at the cost of Rs 361 crore. Kent RO Systems Ltd has invested Rs 300 crore in Gautam Budh Nagar whereas PTC Industries Ltd has invested Rs 205 crore in Lucknow.
Similarly, MM Forgings Pvt Ltd has invested Rs 150 crore in Barabanki and Password Papers has invested Rs 351 crore in Meerut. Silverstone is setting up a paper mill in Muzaffarnagar at the cost of Rs 180 crore. All these companies have also started production. Besides, Kanodia Group is investing Rs 1200 crore in Amethi and JK Cement Limited Rs 650 crore in Aligarh to set up a cement factory.
All these investments are taking place in UP due to the industries-friendly policies of the Yogi Government and the reciprocation by industrialists through investments to accelerate development in the state.
According to the Federation of Indian Chambers of Commerce and Industry (FICCI), the transparency of Yogi Government’s policies is the main reason for rising investments in the state. The launch of single window system for facilitating various clearances and certification by the Yogi Government to expedite setting up of factories has made the task of industrialists hassle-free and much easier. Now, industrialist no longer have to run from pillar to post to set up a firm as in the past during previous governments when they had to visit several departments for getting a single clearance. Besides, introduction of an online system has brought about transparency into the dealings and transactions.
The No Objection Certificate (NOC) given to 3,52,098 industries in three and a quarter years through Nivesh Mitra portal bears testimony to this. On the changed environment regarding investment in the state, FICCI State Chief Amit Gupta said that the earlier governments in UP never addressed the issue seriously and therefore, entrepreneurs lost trust in them. On the contrary, the industrialists have full faith in CM Yogi’s leadership because he makes only those promises which he fulfils, Gupta pointed out. It is noteworthy that the industrialists are investing in UP despite the coronavirus (Covid-19) pandemic.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
