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Uttar Pradesh has become investors’ favourite destination as in the last three-and-a-half years, the state has received 98 investment proposals worth Rs 13,408.19 crore (over Rs 134 billion) in the manufacturing sector, according to a government spokesperson.
“Big industrialists are investing in infrastructure, food processing, textile, electronic manufacturing, real estate, power and manufacturing sectors in UP,” the spokesman said here on Thursday.
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 from foreign investors and 88 from domestic companies for setting up large manufacturing units in the state that would generate 22,028 jobs.
“The UP government has provided land to 66 out of 88 industrialists 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, the government official said.
According to the official, Covestro IP is setting up a plastic manufacturing unit in Gautam Buddha 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.
DCM Shriram is setting up a sugar mill in Hardoi at the cost of Rs 361 crore while Kent RO Systems Ltd has invested Rs 300 crore in Gautam Buddha Nagar and 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,” the official said.
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 government and the reciprocation by industrialists through investments to accelerate development in the state,” he said.
According to the Federation of Indian Chambers of Commerce and Industry (FICCI), the transparency of the Yogi government’s policies is the main reason for rising investments in the state. The launch of a single-window system for facilitating various clearances and certification by the government to expedite setting up of factories has made the task of industrialists hassle-free and easier.
“Now, industrialists no longer have to run from pillar to post to set up a firm unlike during the previous governments,” he said, adding that the introduction of an online system has brought about transparency into the dealings and transactions.
The ‘No Objection Certificates’ (NOCs) have been given to 3,52,098 industries through Nivesh Mitra portal so far. On the changed environment regarding investment in the state, FICCI state chief Amit Gupta said that the previous governments in UP never addressed the issue seriously and therefore, entrepreneurs lost trust in them.
On the contrary, the industrialists have full faith in Yogi’s leadership because he makes only those promises which he fulfils, Gupta said. The industrialists are investing in UP despite the COVID-19 pandemic.