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Thursday, October 22, 2020

Sops for industries: Land conversion rate cut to 20%, nod to industrial zone in UP’s Meerut

CM Yogi Adityanath claimed Uttar Pradesh had received investment proposals worth Rs 7,000 crore from Japan, the United States, the United Kingdom, Canada and Germany.

By: Express News Service | Lucknow | September 22, 2020 12:55:50 pm
On His WatchAdityanath was a controversial figure long before he became chief minister. (File)

Claiming that “defence, aerospace, warehousing, data centres, electric vehicles and pharma” sectors were some of the “emerging investment centres” in Uttar Pradesh, Chief Minister Yogi Adityanath on Monday said “UP is the idea whose time has come” and announced various sops for industries.

The chief minister, who presided over a meeting of the ‘Invest UP’ summit (earlier known as ‘Udyog Bandhu), said Uttar Pradesh was on the path of becoming a $1-trillion economy because of “strong law and order” and infrastructure development in power, road, communication and transport sectors.

In the meeting, the state government decided to set up an industrial zone in Meerut and reduce rural-to-industrial land conversion circle rate from 35 per cent to 20 per cent. In case of conversion of huge land, the rate will drop to 14 per cent.

Adityanath claimed Uttar Pradesh had received investment proposals worth Rs 7,000 crore from Japan, the United States, the United Kingdom, Canada and Germany.

Lauding his government for transforming the state into an “investor friendly” place, the chief minister recalled that the state was ranked second in the ‘Ease of Doing Business’ index.

Adityanath also claimed that out of Rs 4.28 lakh crore investments pledged in the UP Investors Summit 2018, projects worth Rs 2 lakh crore had already started.

In the ‘Invest UP’ summit, it was decided that the Housing and Urban Planning department would resolve applications for land conversion in 90 days.

In another decision, it was decided that industrial units established in rural areas would be made free from dual taxations. The 60 per cent of tax collected from these industrial units by Zila Panchayats will have to be spent on the upkeep of the industrial region.

The new industrial zone in Meerut will be developed on a vacant land of a closed mill by the Uttar Pradesh State Industrial Development Authority.

District magistrates have been asked to hold one ‘Invest UP’ meeting every month to resolve issues of entrepreneurs and industrialists of their area.

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