UP sets up panel to attract investment

To tide over bureaucratic and procedural delays in approving investment proposals, the Uttar Pradesh government has constituted an Empowered Committee (EC) for time-bound clearance of such cases.

EC has been mandated to develop a fresh perspective among the state machinery for securing investment and attracting entrepreneurs.

In the last two years, UP has failed to secure investment in several sectors, including sugar, transport, technical education and tourism due to lack of clarity in economic policies and adequate incentives.

EC will review existing policies, rules and regulation relating to industrial and infrastructure development to make them simpler and efficient. It will also decide over rebate on trade tax to boost industrialisation.

The 29-member committee is headed by the state chief secretary and comprises agriculture production commissioner, Infrastructure and Industrial Development commissioner, and chief executive officers of Yamuna Expressway and UP Expressway among others.

The proposals would be forwarded to the department concerned within 24 hrs, which will give its recommendation to Udyog Bandhu within seven days. Later, Udyog Bandhu will put up the case before EC, in which the entrepreneur would also be invited.

EC will take up matters pertaining to infrastructure and industry entailing investment of over Rs 50 crore, and projects related to agriculture, food processing, electronics, IT and biotechnology and entailing investment of over Rs 10 crore.

It will also consider cases for revival of industrial units, which are defunct and beyond the purview of Board for Industrial and Financial Reconstruction (BIFR).

EC has also been entrusted with the task of taking decisions on issues related to environment and allotting rivers and canals to industrial units.