Dedicated to transforming Uttar Pradesh into a trillion-dollar economy, the Uttar Pradesh government approved the special investment region act during a Cabinet meeting chaired by Chief Minister Yogi Adityanath at Lok Bhavan on Tuesday.
The Nodal Investment Region for Manufacturing Act (NIRMAN) aims to attract major investors from both within India and around the world to invest in Uttar Pradesh. The government’s move is likely to promote ‘ease of doing business’, boost economic development, and create new employment opportunities for the general public.
Providing details about the decisions made by the UP Cabinet, Principal Secretary (Infrastructure and Industrial Development) Anil Kumar Sagar stated: “This Act has been created to develop special investment regions in the state. Similar acts are currently in place in three states: Gujarat, Rajasthan, and Karnataka. With this, UP will become the fourth state to implement this Act.â€
He explained that special investment regions are large investment areas where cluster development occurs, and the powers usually held by the state government or other departments are decentralised to the authority level.
“This decentralisation has two main benefits: first, any changes needed in the master planning can be done there itself. Second, all the NOCs and clearances that usually require state-level approval are also decentralised. According to the ‘ease of doing business’ concept, the more decentralised the process, the better we can serve the investors,†he added.
Sagar stated that the purpose of the new Act is to establish large investment regions and provide them with legal protection. He emphasised that creating such significant investment areas is crucial for Uttar Pradesh to achieve its goal of becoming a one trillion dollar economy.
He further said, “Right now we have not fixed the minimum limit of land for investment in the Act. However, similar to the Bundelkhand Industrial Development Authority, which has an area of 5,000 hectares, the special investment regions will also cover large areas.â€
He also said that the proposal includes the creation of at least four special investment regions in Uttar Pradesh, each located in one of the state’s four geographical areas.
“We have a substantial land bank available, with approximately 20,000 acres ready for allotment,†he pointed out.
In another decision to foster a conducive environment for industrial investment in the state, the UP Cabinet also approved a proposal to sign a memorandum of understanding (MoU) between the India Trade Promotion Organisation (ITPO) and MSMEs.
