The Uttar Pradesh government claimed that fresh investments of nearly Rs 17,000 crore came into different industrial projects for which the state had signed memorandums of understanding (MoUs) with the corporate sector last year.
Of the 150 MoUs mapped to UP Industrial Development department, 18 MoUs worth Rs 4,100 crore had started commercial operations, while another 31 MoUs worth Rs 12,860 crore initiated project implementation, totalling Rs 16,960 crore in net investment inflow.
In June 2020, the UP government issued detailed orders for creating an online MoU review mechanism, which included the appointment of nodal officers by departments concerned for hand-holding investors. The Industries department has so far appointed 23 nodal officers for hand-holding 150 investment proposals.
An Industries department official said that a robust MoU tracking portal was developed and regular updates were being made on MoUs provided by nodal officers.
“It is overwhelming to learn that there is significant progress in investments from the last review meeting held in July, 2020. Four new units have started commercial operations and 19 new units, in which investment of around Rs 4,500 crore are intended, have started their project on ground,” the official said.
Nodal officers played a pivotal role in resolving issues of investors like Max Ventures & Industries, who were facing issues related to mining. It was resolved by the intervention of NOIDA.
Also, the intervention of a nodal officer led to resolution of issues of another investor, Surbhi Satcom Group, related to temporary power connection, fire NOC and structural stability certificate.
“Due to efforts of the Industrial Development department, more than 12 per cent of MoUs have initiated commercial operations in addition to over 20 per cent of investment intents which are in various phases of active implementation,” the official said.
Of late, UP has also been on a virtual overdrive to woo companies exiting China following COVID-19 pandemic and the stiffening of US-China trade war. Ministers and officials have been interacting virtually with foreign business delegations from USA, South Korea, Japan, Germany etc.