UP govt eyeing Rs 20,000 crore investment in tourism sector

| | Lucknow
  • 0

UP govt eyeing Rs 20,000 crore investment in tourism sector

Friday, 18 November 2022 | PNS | Lucknow

The Yogi Adityanath government is eyeing investment worth Rs 20,000 crore in the tourism sector in order to develop Uttar Pradesh as a 'Tourism State' and create employment for 10 lakh youths in the next five years.

In order to achieve this ambitious goal, the government has announced a subsidy of up to Rs 40 crore for investors willing to develop major tourist places in the state as well as the lesser known, but beautiful natural destinations.

The new tourism policy approved by the cabinet on Wednesday gives a lot of relief to the investors through rebates and incentives for the development of tourist destinations.

“The Yogi government has taken several initiatives to attract tourists from all over the world in the recent past, the most important of which is preparing a blueprint for developing new tourist destinations along with creating thematic circuits by connecting similar religious, geographical and natural sites,” a government spokesman said here on Thursday.

Under the new policy, various types of grants have been announced for entrepreneurs investing in the state. According to the policy, those investing between Rs 10 lakh and Rs 10 crore will get a rebate of 25 per cent, or up to Rs 2 crore. Similarly, entrepreneurs investing between Rs 10 crore and Rs 50 crore will be provided a 20 per cent subsidy or up to Rs 7.5 crore.

Entrepreneurs with investment between Rs 50 crore and Rs 200 crore will get a subsidy of 15 per cent, or up to Rs 20 crore whereas those investing between Rs 200 crore and Rs 500 crore will be given a rebate of 10 per cent, or up to Rs 25 crore. Besides, subsidy will be provided at the rate of 10 per cent or Rs 40 crore, whichever is higher, to premier investors investing capital above Rs 500 crore.

An additional 5 per cent subsidy will be provided to women and Scheduled Caste and Scheduled Tribe entrepreneurs for tourism unit proposals under Focus Tourism Destination (FTO). In addition, eligible tourism units will be provided an interest subsidy of 5 per cent of the loan amount, or a maximum of Rs 25 lakh per year for a maximum period of five years, on bank loan amounts up to Rs 5 crore for setting up tourism units. Registered tourism units will be eligible for either interest subsidy, or capital subsidy grant.

Many incentives have been given in the policy for heritage units as well. A subsidy of 25 per cent of the capital investment, or a maximum of Rs 5 crore, will be provided to entrepreneurs operating heritage hotels through conservation, expansion, renovation without changing the basic nature of the unit. There is a provision to give interest subsidy of up to 5 per cent for five years on a loan of Rs 5 crore. Both capital and interest subsidy will be admissible to heritage units.

There is a provision for exemption in stamp duty on the land purchased for the establishment, or expansion of heritage hotels. Besides, there is a provision to make changes of land use necessary for the establishment of heritage hotels free of cost.

There is also a provision to reimburse 50 per cent of the licence fee for bar licence on the premises of heritage hotels in rural areas. Moreover, the state government will make arrangements for an all-weather road and encroachment-free link road up to the heritage hotels. For uninterrupted power supply, power sub-stations and transformers will be set up and attractive signages will be installed.

The new policy also aims to develop the understanding, need and importance of tourism and culture among the youth and children from the very beginning. Under this, youth tourism clubs have been identified as a means to develop responsible and sustainable tourism in the country. In addition, there will be awards for the best tour operator, wellness centre, hotel, heritage hotel, best eco tourism operator,

 

Sunday Edition

Actress of depth and versatility

03 March 2024 | Pioneer | Agenda

Jewellery That Reflects Your Style

03 March 2024 | Nivi Shrivastava | Agenda

Artist’s tribute to ambassador of hope

03 March 2024 | Pioneer | Agenda

NOTA: The silent revolution or the illusion of choice?

03 March 2024 | Astha Ranjan | Agenda

Astroturf | Detoxify the negatives to optimise the potential

03 March 2024 | Bharat Bhushan Padmadeo | Agenda