NEW DELHI: In a landmark decision, the Yogi Adityantah led- government has approved the Special Investment Region Act, also termed the Nodal Investment Region for Manufacturing Act (NIRMAN), aimed at transforming Uttar Pradesh into a USD1 trillion economy.
The state has been facing problems in drawing large investments due to the non-availability of large land parcels.
The state government aims not only to position Uttar Pradesh as a leading state within the nation but also on the global stage and working in this direction, Chief Minister Yogi Aityanath greenlit 10 more decisions in a cabinet meeting held recently along with the NIRMAN Act.
According to reports, if the special investment regions initiative is accomplished, UP would become the fourth state to have these regions after Gujarat, Karnataka, and Rajasthan.
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While the number and the size of these regions has not been finalised, the concerned authorities said that four such regions have been proposed and are expected to cover over 10,000 acres of land.
This initiative will provide a platform for MSMEs to showcase their products, promoting industrial investment and encouraging entrepreneurship.
Finance Minister Suresh Khanna stressed that this decision will significantly boost MSME production in Uttar Pradesh, creating new opportunities for the state’s entrepreneurs.
Providing details about the decisions made by the Yogi Cabinet, Principal Secretary of Infrastructure and Industrial Development Anil Kumar Sagar said 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 decentralized 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 usuallyrequire state-level approval are also decentralized. According to the ease of doing business concept, the more decentralized the process, the better we can serve theinvestors,” he added.
Sagar stated that the aim of the state government’s new Act is to establish large investment regions and provide them with legal protection. He stressed that creating such significant investment areas is necessary for Uttar Pradesh to achieve its goal of becoming a one trillion dollar economy.
The cabinet also approved an agritech policy, under which platforms will be developed to share data from digital crop surveys and digitisation will reduce farming costs and enhance productivity, officials said.
About Rs 21 crore expenditure is expected in five years under the policy, which will also include promoting agritech startups, they added.
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