Uttar Pradesh: Yogi Government Approves Special Investment Region Act To Boost Economy

Uttar Pradesh: Yogi Government Approves Special Investment Region Act To Boost Economy

Additionally, the cabinet approved the temporary reappointment of over 2200 teachers, who were removed from service in 2023 on the instructions of the SC.

BISWAJEET BANERJEEUpdated: Tuesday, July 02, 2024, 08:44 PM IST
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Yogi Adityanath | Kunal Patil/PTI

In a landmark decision, the Yogi government has approved the Special Investment Region Act, dubbed the Nodal Investment Region for Manufacturing Act (NIRMAN), aimed at transforming Uttar Pradesh into a one trillion dollar economy.

 "This move is poised to revolutionize the state's economic landscape, attracting significant investments from across the globe," government spokesman said.The NIRMAN Act, approved during a cabinet meeting chaired by Chief Minister Yogi Adityanath at Lok Bhavan on Tuesday, seeks to establish large investment regions with legal protection, decentralize powers for faster clearances and NOCs, and promote 'ease of doing business' in the state.

Principal Secretary of Infrastructure and Industrial Development, Anil Kumar Sagar, explained that the Act will create Special Investment Regions (SIRs) in four geographical areas of the state, covering large areas, similar to the Bundelkhand Industrial Development Authority, which spans 5,000 hectares. A substantial land bank of approximately 20,000 acres is ready for allotment.Sagar emphasized that decentralization of powers will enable faster decision-making, allowing for swift changes in master planning and issuance of NOCs and clearances at the authority level.

This will significantly enhance the ease of doing business in the state.The Yogi government's move is inspired by similar Acts in Gujarat, Rajasthan, and Karnataka, and Uttar Pradesh is set to become the fourth state to implement such a legislation.In another significant decision, the cabinet approved a proposal to build multipurpose halls in Lucknow and Varanasi, similar to the Bharat Mandapam in Delhi, to encourage Micro, Small and Medium Enterprises (MSMEs).

This initiative will provide a platform for MSMEs to showcase their products, promoting industrial investment and encouraging entrepreneurship.Finance Minister Suresh Khanna highlighted that this move will significantly enhance MSME production in Uttar Pradesh, creating new opportunities for the state's entrepreneurs.

Additionally, the cabinet approved the temporary reappointment of over 2200 teachers, who were removed from service in 2023 on the instructions of the Supreme Court, on honorarium in non-government aided secondary schools.

This move aims to ensure smooth educational operations in the state.With these decisions, the Yogi government has demonstrated its commitment to transforming Uttar Pradesh into a one trillion dollar economy, promoting economic development, and enhancing the state's investment landscape.

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