Lucknow, June 17 (IANS): Uttar Pradesh is emerging as one of the top investment destinations in the country with 98 investment proposals worth Rs 13,408.19 crore (over Rs 134 billion) received in the sector manufacturer over the past three and a half years.
Industrialists at home and abroad are investing heavily in infrastructure, food processing, textiles, electronics manufacturing, real estate, energy and manufacturing sectors in UP.
However, of all these sectors, manufacturing is the most preferred and is booming.
The manufacturing sector got the much needed boost in the UP after Chief Minister Yogi Adityanath made some policy changes to create a conducive environment for investment in the state.
According to statistics released by the Department of Industrial Development, the 98 investment proposals worth Rs 13,408.19 crore in the manufacturing sector include ten proposals worth Rs 4,250 crore (Rs 402 billion) d foreign investors, as well as 88 proposals from domestic companies for the establishment of large manufacturing units in the state that will provide jobs for more than 22,000 people.
The Yogi government has already provided land to 66 industrialists out of 88 for the establishment of their manufacturing units.
Most of these manufacturers have completed the construction of their units and also started production. In addition, 26 major manufacturers are pursuing their set-up project.
According to officials, Covestro IP is setting up a plastic manufacturing unit in Gautam Buddha Nagar (Noida) at a cost of Rs 800 crore.
Similarly, UltraTech Company is setting up a cement plant in Prayagraj at a cost of Rs 600 crore.
Sparsh Industries Private Limited and Rimjhim Ispat have respectively invested Rs 600 crore and Rs 550 crore in Kanpur Dehat.
Additionally, DCM Shriram is setting up a sugar factory at Hardoi at a cost of Rs 361 crore. Kent RO Systems Ltd invested Rs 300 crore in Gautam Buddha Nagar while PTC Industries Ltd invested Rs 205 crore in Lucknow.
Similarly, MM Forgings Pvt Ltd has invested Rs 150 crore in Barabanki and Password Papers has invested Rs 351 crore in Meerut while Silverstone is setting up a paper mill in Muzaffarnagar at a cost of Rs 180 crore.
In addition, Kanodia Group is investing Rs 1200 crore in Amethi and JK Cement Limited Rs 650 crore in Aligarh to set up a cement factory.
According to the Federation of Indian Chambers of Commerce and Industry (FICCI), the transparency of the policies of the Yogi government is the main reason for the increase in investment in the state.
The launch of a one-stop-shop system to facilitate various authorizations and certifications by the Yogi government to speed up the installation of factories has made the task of industrialists much easier.
Also, the introduction of an online system has brought transparency in relationships and transactions.