UP clocks fresh investment worth Rs 17,000 crore in industrial projects

The Uttar Pradesh government has claimed that fresh investment of nearly Rs 17,000 crore had been in different industrial projects for which the state had earlier signed memorandum of understanding (MoU) with private companies.

Out of 150 MoUs mapped to the UP industrial development department, 18 MoUs worth Rs 4,100 crore started commercial operations, while another 31 MoUs worth Rs 12,860 crore had initiated project implementation, totalling Rs 16,960 crore in net investment inflow so far.

In June 2020, UP chief secretary R K Tiwari had issued a government order for creating an online MoU review mechanism, which included the appointment of nodal officers by the departments concerned for handholding investors.

“So far, the industrial development department has appointed 23 nodal officers for handholding 150 investment proposals,” UP additional chief secretary (industrial development department) Alok Kumar said.

He informed that a ‘robust’ MoU tracking portal had been developed and regular updates on MoUs provided by nodal officers and issues that investors are facing were getting resolved.

“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 also started commercial operations and 19 new units, in which investment of around Rs 4,500 crore are intended, have initiated their project on the ground,” he informed.

Interestingly, the nodal officers had played a pivotal role in resolving issues of investors like Max Ventures & Industries who were facing issues related to mining which was resolved by the intervention of NOIDA Authority.

Another investor Surbhi Satcom Group, due to the intervention of nodal officer, issues related to temporary power connection, fire NOC and Structural Stability Certificate got resolved timely. Kumar acknowledged the efforts of the nodal officers for handholding investors and helping them in realising the state’s investment proposals.

“Due to the efforts of the industrial development department and the various industrial development authorities, more than 12 per cent MoUs have initiated commercial operations in addition to over 20 per cent of investment intents which are in various phases of active implementation,” he said.

Meanwhile, Kumar referred to the quantum leap of 10 places to the second position by UP in the latest Government of India administered 'Business Reform Action Plan' ranking.

“The mechanism of dedicated nodal officers for each MoU as nodal contact point for the investor had boosted investor confidence and resulted into positive feedback, which has been instrumental for the State in achieving the second rank.”

Of late, the Yogi Adityanath government has also been on a virtual overdrive to woo companies exiting China following Covid-19 outbreak, and the stiffening US-China trade war. Top ministers and officials have been interacting virtually with foreign business delegations in this regard viz. USA, South Korea, Japan, Germany etc.