Tier-II and -III towns in have garnered investments of more than Rs 11,000 crore in the past two years for a gamut of projects, signaling the emergence of new industrial hubs.

While the state government has been upgrading infra in smaller centres as well as mofussil towns, the private sector is exploring investment opportunities beyond the established industrial hubs owing to cheaper land rates and additional sops.

According to officials, while investment to the tune of Rs 7,000 crore has been made in different industrial projects in smaller towns, the UP State Industrial Development Authority (UPSIDA) enclaves have witnessed investment of about Rs 4,000 crore in the past six months.

Now, big projects are coming up in smaller places like Mathura,Chitrakoot, Prayagraj, Sambhal and Sandila vis-à-vis mega industrial backyards of Noida, and Greater Noida, etc.

UPSIDA has a large inventory of developed industrial corridors in Bareilly, Hathras, Agra, Mathura, Farrukhabad, Auraiya, Kannauj, Unnao, Hardoi, Sandila, Chitrakoot, Prayagraj, Rae Bareli, Amethi, and Pilibhit.

“Prominent domestic and foreign investors have evinced interest in setting up plants in the smaller towns of UP,” UPSIDA Chief Executive Mayur Maheshwari said.

The various incentives provided in the state industrial development policy, coupled with a positive change in the bureaucratic outlook towards industrial projects, are beginning to bear fruits.For example, flagship projects of Pepsi, British Paints, Berger Paints, ITC, and Webley & Scott have set up their units on industrial land provided by the UPSIDA.

“The Webley & Scott plant has started commercial production in Sandila (Hardoi district),” he said. The UK-headquartered company is among the most prolific manufacturers of handguns in the world.

Meanwhile, UPSIDA has created an industrial land pool of more than 12,000 acres to facilitate faster allotment to private companies. The land of defunct industrial units are also being redeveloped for fresh allotment to investors.

Among the leading beneficiaries, Pilibhit, Amethi, Mathura, Varanasi and Chitrakoot have netted private investment of Rs 1,100 crore, Rs 700 crore, Rs 571 crore, Rs 500 crore, and Rs 475 crore, respectively, in recent months.

The Yogi Adityanath government has set a target of making the state a trillion-dollar economy by 2027 through speedier industrial development and boosting exports.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

By fintax360

We Fintax360 team simplify finances and taxes for millions of Indian businesses and people. We educate them about finances, taxes and improve their relationship with money.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: