By Ashutosh Shukla
UP emerging as the most investor-friendly state
New MSME policies giving a boost to UP’s industrial development
Lucknow: Uttar Pradesh has emerged as the new investment hub in India with some of the biggest businessmen, industrialists and entrepreneurs showing their interest in investing in the state.
In pursuit of creating an investor-friendly environment, Uttar Pradesh has climbed up to the second rank in the Ease of Doing Business (EODB) index. The state government has also launched a single-window system named Nivesh Mitra Portal where there are over 70 services of about 20 departments.
Moreover, the state does not have any dearth of resources or labour. With the kind of population Uttar Pradesh has, the investors already have a gigantic consumer base to target.
Uttar Pradesh has been successful in facilitating investment in defence, health, MSME, agriculture, handloom, power and other sectors. Along with this, the policy of the government is to pursue eco-friendly solar power. On the other hand, Uttar Pradesh has been successful in implementing 186 out of 187 reforms suggested under BRAP 19 by the Department for Promotion of Industry and Internal Trade (DPIIT) of the Central Government.
The state government has received several major investment plans. The Defense Corridor has an investment potential of Rs 50,000 crore. New and improved MSME policies are promoting industrial development at all levels across UP.
Defence, aerospace, warehousing, data centre, electric vehicles and pharma are fast emerging as new investment sectors in Uttar Pradesh. Similarly, traditional sectors like electronics, IT, food processing, dairy, textiles, tourism and film are also attracting investment. There is also investment potential in solar energy, bio-fuels and civil aviation. Most economists believe that the way to make India a five trillion economy passes through Uttar Pradesh.
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