Uttar Pradesh Chief Minister Yogi Adityanath said the state was undergoing a significant transformation and in a marked departure from its reputation just six years ago, the state had become a prime investment destination within the country, drawing substantial domestic tourism and securing significant funds from banks for industrial growth, according to the latest Reserve Bank of India and NITI Aayog reports.
Yogi Adityanath highlighted these developments while launching the Micro Entrepreneur Accident Insurance Scheme on the occasion of the World Entrepreneurship Day on Monday.
Financial support of up to Rs 5 lakh will be provided to the micro entrepreneurs under the scheme. The chief minister disbursed a check of Rs 1,137 lakh, the first installment, to developers overseeing private industrial park projects in Jhansi, Hapur and Sambhal under the Pledge Park initiative.
Highlighting the remarkable growth in Uttar Pradesh’s exports, the chief said that this transformation was not abrupt but a result of well-guided efforts. He credited Prime Minister Narendra Modi’s inspiration and direction along with the state government’s inclusive approach that assured security to all investors without discrimination. As a consequence, Uttar Pradesh is swiftly gaining recognition as a top-tier destination on both the national and global fronts, he pointed out.
He said that the foundation for this progress was laid in 2018 when Prime Minister Modi inaugurated the state’s inaugural Geographic Information System (GIS).
Another pivotal step was the initiation of the One District One Product (ODOP) scheme on the state’s first foundation day. This scheme aimed to rejuvenate neglected sectors that were grappling with issues such as pollution, power shortages, and neglect from various departments. The strategic decision to tap into Uttar Pradesh’s strengths, particularly its MSME clusters, played a key role in reinvigorating the economy.
These clusters were on the verge of decline in various sectors. However, the concentrated efforts over the last six years have borne fruit with a threefold increase in exports. This achievement, even amidst the challenges posed by the COVID-19 pandemic, further solidifies the state’s trajectory toward potentially becoming a trillion-dollar economy within the next five years.
Referring to recent RBI and NITI Aayog reports, the chief minister stated that these reports, received last week, significantly demonstrate the ongoing transformation in Uttar Pradesh. He urged skeptics to recognise that the state has become the country’s first to ensure security.
Uttar Pradesh is swiftly emerging as a major investment hub, excelling in banking services for entrepreneurs and drawing the highest number of tourists. The chief minister pointed out that the state’s systematic efforts across sectors are now yielding visible outcomes.
The chief minister outlined the significant accomplishments in park development. He said that the MSME department was spearheading the development of private industrial parks for the first time. This move opens the door for government incentives to be extended to three new parks. Today, with plots spanning 10 to 50 acres, the government is offering 100 per cent exemption from stamp duty on purchase of industrial plots.
A loan provision at a nominal one per cent per annum rate is in place for park development at Rs 50 lakh per acre. It may be mentioned that 75 per cent of plots in the forthcoming park will be reserved exclusively for MSME units. It has been established that entrepreneurs purchasing land in private parks will enjoy 50 per cent stamp duty exemption along with the benefits of the capital and other subsidies outlined in the MSME Policy 2022.
While reflecting on the unprecedented challenges posed by the COVID-19 pandemic, the chief minister emphasised Uttar Pradesh’s resilience. Despite initial doubts about the state’s potential, UP emerged as a success story under the guidance of Prime Minister Narendra Modi, he remarked.
With a remarkable response strategy, the state achieved the lowest death rate, infection rate and witnessed substantial vaccination rates. The efforts earned UP recognition as a state that effectively navigated the crisis, ultimately leading to a surplus in revenue. Major infrastructure projects are in progress, spanning waterways, expressways, airports, enhanced rural connectivity, and investment-driven initiatives like medical device parks and pharma plastic parks.
The chief minister acknowledged the paradigm shift within the state, as UP evolved from a region grappling with challenges just six years ago. Presently, North India’s first data centre in UP stands as a symbol of technological advancement, while the resounding buzz of UP's Film City has reached Mumbai, capturing the attention of directors, producers and actors eager to partake in its growth. The state’s conducive business environment is another notable factor contributing to its newfound appeal.
The chief minister revealed that in 2018, on the inaugural Foundation Day, the UP government launched the One District One Product (ODOP) initiative. This was followed by the introduction of the Vishwakarma Shram Samman Yojana on the second Foundation Day in 2019.
Both these schemes have gained significant recognition within the country. The Vishwakarma Shram Samman Yojana not only honours traditional artisans but also focuses on providing training, tool kits, and fostering self-reliance, in line with Mahatma Gandhi’s vision of Gram Swaraj.