Yogi Adityanath likely to announce industrial policy for UP tomorrow

After completing 100 days in office last week, the Yogi Adityanath government in Uttar Pradesh is likely to announce its new industrial policy on Tuesday.

According to sources, the state cabinet meeting is likely to put its seal of approval to the industrial policy draft. This would occur a week before the Yogi dispensation presents its maiden budget in UP assembly’s budget session slated for July 11.

The policy aims at integrating ‘Make in UP’ with the broader ‘Make in India’ theme to benefit from the central government sops and schemes. 

In its first meeting on April 4, the UP cabinet had constituted a Group of Ministers (GoM) led by deputy CM Dinesh Sharma to draft the New Industrial Policy. The GoM also comprised senior ministers Rajesh Agarwal, Satish Mahana, Gopal Das Nandi, Srikant Sharma and Suresh Rana.

The GoM was mandated to study industrial policies of top industrial states such as Gujarat, Maharashtra and Madhya Pradesh and confabulate with other stakeholders, including industrialists and industry chambers to prepare the policy draft. The draft has already been presented before Yogi Adityanath.

The new policy is aimed at boosting industrial development and generating jobs to arrest the migration of youth in search of work. Besides, it is also intended to promote industrial and socio-economic development in the backward areas of UP, especially eastern UP and Bundelkhand.

To boost industrialisation, the government favours developing UP as an export hub by incentivising export oriented units through marketing assistance, subsidy on export cargo sent by air and subsidy on freight charges on gateway port.

According to the draft, the Adityanath government aims at creating facilitating infrastructure like multi-modal logistics hubs, specialised industrial zones viz. Special Economic Zones (SEZ) and State Investment and Manufacturing Zones (SIMZ).

Global environment

The government would take measures to insulate UP from domestic and global environments, which could adversely impact its economy. The draft policy mentioned the world was now highly unpredictable and dynamic, wherein disruptions, competitions and changing preferences posed both positive and negative impacts. Thus, the policy intends to place a framework to gain from these crosswinds as well be responsive.

The government would align its priorities and focus areas with national and international trends and strive towards maximising benefits from bilateral and multi-lateral trade agreements of the Centre.