Ahead of the UP Global Investors Summit, the Uttar Pradesh Cabinet on Thursday gave its nod to the state’s new industrial policy aimed at attracting investments.
The government said the “umbrella policy” – UP Investment & Employment Promotion Policy, 2022 – “aims at creating a progressive, innovative, and competitive industrial ecosystem generating employment in the state while mobilising investments from across the world”.
According to the government, the new policy “will offer one of the most attractive and optimal incentive packages for investments in the country”.
Minister of Industry Nand Gopal ‘Nandi’ said: “Ensuring a continuity of the successes of the Industrial Investment & Employment Promotion Policy 2017, the new umbrella industrial policy of the State reflects the voice of industries of the state and the country.” The new policy categorises investments into four major categories – Large, Mega, Super Mega and Ultra Mega. “Investments under these categories will be provided three mutually exclusive options of investment promotion subsidy, capital subsidy and net state GST reimbursement,” said a spokesperson.
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The capital subsidy option is graded by regions of the state – the highest in Bundelkhand and Poorvanchal, followed by Madhyanchal & Paschimanchal (minus Gautam Buddh Nagar and Ghaziabad districts), and Gautam Buddh Nagar and Ghaziabad districts, it said.