Lucknow: The Yogi Adityanath-led Uttar Pradesh Government has showered rebates, concessions and incentives for those investing in the state. The new industrial policy of Uttar Pradesh, approved by the state cabinet on Thursday, has offered fast track allotment of land to those willing to invest Rs 500 crore and above.
The UP Government will launch a portal for the investors to apply online for the incentives. Another portal would also take care of the problems and progress of industrial projects for whom MoU has been signed.
On Thursday, at a meeting of the cabinet, Chief Minister Yogi Adityanath approved the new Industrial Investment Policy for the state.
Giving details of the policy, the Industrial Development Minister of UP, Nand Gopal Gupta Nandi, said that it has been released after having consultation with all the stakeholders. The state government had also engaged international consultancy firm Deloitte for preparing the draft of the policy. He said that industries coming up in UP with Rs 50 crore to Rs 200 crore have been classified under large category while those with investment of Rs 200-500 would be in mega category. The industries with investment of Rs 500 crore to Rs 3000 crore would be known as super mega while those being set up with an investment of more than Rs 3000 crore have been classified as ultra.
The Additional Chief Secretary (ACS), Industries, Arvind Kumar informed that to expedite the process of land allotment to the investors, a fast track system would introduced. Under this system, the industrial units with investment of Rs 500 crore and above would be provided land in a swift manner.
As per the new policy, the farmers willing to given their agricultural land for industries may approach government online. Special concession has been given to the private sector in the policy who wish to develop industrial parks in UP. Now the private sector can develop industrial park on 20 acres of land in Bundelkhand and Purvanchal regions of UP while in western part of UP the minimum land required for it would be 30 acres. The state government would give 25 per cent capital subsidy to the private sector setting up industrial parks.
In the policy the investors setting up industrial units Bundelkhand and Purvanchal regional of UP would be given 100 per cent rebate in the stamp duty. In the central and western regions of UP the rebate in stamp duty for industries would be 75 per cent while for Noida and Ghaziabad 50 per cent rebate is to be provided. The industries who would set up Research & Design (R&D) units would be 25 per cent subsidy up to a limit of Rs 10 crore. For setting up excellence centre, the subsidy would be 50 per cent.
ACS, Industries informed that under the new policy the industrial units would be given 100 per cent rebate in State GST annually. This rebate would for six years to the large, 12 years to mega, 14 years to super mega and 16 years to the ultra-category industrial units.
Similar provisions have been made for providing capital subsidy also which would 15 per cent for large units, 22 for mega, 25 for super mega and 30 per cent of the ultra-units being set up in Bundelkhand and Purvanchal. However, in central & western regions it would be 12 per cent for large, 20 for mega, 22 for super mega and 25 per cent for ultra-category units.
