UP govt approves Foreign Direct Investment policy, offers several incentives
Oct 31, 2023
Lucknow (Uttar Pradesh) [India], October 31 : In a bid to enhance foreign investment in Uttar Pradesh, the Yogi Adityanath government has approved the Foreign Direct Investment (FDI) policy, which offers several incentives, said the officials.
These incentives encompass exemptions in land acquisition, stamp duty, and capital investment.
Furthermore, the government will provide special incentives for enterprises that engage in training the state's youth through FDI.
Finance Minister Suresh Khanna highlighted the relatively low foreign investment in Uttar Pradesh through FDI, amounting to just Rs 9,435 crore, considerably less than other states. As a response to this, the FDI policy has been introduced to attract more FDI.
The policy will also allow area-specific exemptions in stamp duty and registration fees in line with the Uttar Pradesh Industrial Investment and Employment Promotion Policy-2022.
Additionally, a 100 percent exemption in electricity duty will be granted for a period of five years.
Under this scheme, the Uttar Pradesh government will reimburse the training costs of a maximum of 500 individuals, up to Rs. 25,000 per person per month, over a span of five years. The government is allocating Rs. 15 crore for this initiative.
The Yogi cabinet has decided to extend UP 112 for the next three years. The Finance Minister said that the main focus of the government is on the advancement of the state-level Emergency Response System (ERSS) UP 112. Since assuming office in 2017, there have been significant improvements in this system.
Currently, UP 112 boasts an impressive average response time of 13 minutes. Now new technology is being used in it, due to which any victim will be able to locate the UP 112 vehicle up to 50 meters. Its manpower has been increased to 875. As a result, 40 thousand people can now be attended to at the same time in a single day. In three years, this will cost Rs 597 crore 42 lakh.
