The Yogi Adityanath govt on November 3rd showered rebates, concessions and incentives on investors. The cabinet in aim attempt to fulfil its trillion-dollar economy vision by 2027 approved the Uttar Pradesh Industrial Investment and Employment Promotion Policy-2022, along with amendments to the Uttar Pradesh Start-up Policy-2020 and the U.P. Data Centre Policy-2021.
Industrial Investment and Employment Promotion Policy-2022 effective for five years aims at attracting investments at the U.P. Global Investors Summit-2023. Industrial units under this policy would be given 100 per cent rebate In State GST annually which would last for six years for large unit, 12 years to mega units, 14 and 16 years to super mega and ultra category industrial units respectively.
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Industry minister Nand Gopal ‘Nandi’ briefing the media said, “The new Uttar Pradesh Industrial Investment and Employment Promotion Policy-2022, an umbrella policy for infrastructure and industrial development, has been worked out in consultation with all the stakeholders. We have addressed all issues being faced with the previous policy (lapsed on October 12, 2022) and have incorporated various suggestions”.
Besides this, the cabinet also approved incentives of a total investment of Rs 3240 crore to Microsoft India (R and D) Private Limited and two other units being set up in Noida. The state under the amendment to UP Data Centre Policy-2021 targets establishing 900 MW capacity with Rs 30,000 crore investment. The state govt further sidelined a dedicated amount to projects that are shifting units from other countries to the state. The relocation would be supported with necessary infrastructure for industrial clusters, parks and corridors and improved digital connectivity with basic amenities.
