3 min readLucknowFeb 23, 2023 08:31 AM IST
First published on: Feb 23, 2023 at 08:31 AM IST
The imprint of the recently concluded UP Global Investors’ Summit on the Budget was clearly visible as Finance Minister Suresh Khanna set aside Rs 32,722 crore — nearly 5 per cent of the total budget outlays — to new schemes, projects and policy sops, most of which were born out of the government’s bid to attract investment in the state.
The government allocated Rs 100 crore for incentives under the new state MSME promotion policy, Rs 100 crore under the food processing policy, and another Rs 150 crore for sops offered to investors under the new textile and garment policy. To promote road and other infrastructure in textile parks, the government has allotted Rs 15 crore, while Rs 10 crore has been provided under a new accident insurance scheme — CM Shukshma Udyami Durghatna Bima Yojana — for workers in the MSME sector.
A sum of Rs 25 crore has been proposed for setting up pharma parks in the state.
For the new solar policy, the government has made a provision of Rs 40 crore to develop 16 municipal corporations areas as well as Noida as “solar city”. A sum of Rs 15.75 crore has been allotted to develop Ayodhya as a “Model Solar City”. Further, Rs 434 crore and another Rs 100 crore have been proposed for Green Energy Corridor in Bundelkhand under the new Solar policy.
The Indian Express last week reported that the UP government received maximum investment proposals in the renewable energy sector during the three-day investors’ summit and was redrawing its policies to develop the state as the hub of “future fuels” like green hydrogen, compressed biogas (CBG), and solar power.
The government has also focused on developing two regions of the state – Bundelkhand and Purvanchal (east UP). It has allotted Rs 400 crore for Purvanchal region special schemes, and another Rs 300 crore for Bundelkhand region special schemes. Notably, both these regions got substantial investment proposals during the summit with Bundelhand surprising everyone by becoming the second-most sought-after investment destination after west UP.
To promote religious and spiritual tourism in the state, the government has proposed Rs 2.5 crore for Naimisharan Dham Vikas Parishad, Rs 40 crore for the development of Prayagraj — where Kumbh is held — Rs 10 crore for Shukrithra Dham, Rs 40 crore for Buddha Circuit, while another Rs 50 crore for Shakti Peeth Maa Shakumbhari Devi Temple in Saharanpur. Another Rs 50 crore has been set aside for new infrastructure at places of religious and historic significance.
While a significant portion of the new demands for grants has also been made aimed at increasing farmers’ income, which includes Rs 1,500 crore for free power for tubewells, the government has also proposed Rs 20 crore for starting “agri-tech startup incubation centre” at every agriculture university. For dairy promotion, Rs 59 crore has been proposed for Nanda Baba Dughda Mission Scheme.
After the budget was tabled, CM Yogi Adityanath said his government has made provisions for incentives with an aim to hold the first ground-breaking ceremony of new investment projects within next six months.
Uttar Pradesh Finance Minister Suresh Khanna (Express photo by Vishal Srivastav) 
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