UP Beckons Investors and Entrepreneurs from State
In a bid to woo investors and entrepreneurs in Karnataka, the UP government has initiated the development of IT parks and set up biotech start-ups in the northern state. “Investors and entrepreneurs in Karnataka are welcome to develop Information Technology (IT) parks and set up biotech start-ups in our state, which offers exemption in interest subsidy, concession in power tariff and a self-attestation system,” said Uttar Pradesh Industrial Development Minister Satish Mahana.
“As part of our Start-up Policy 2017, we have increased the limit of the start-up corpus fund 10-fold to Rs 1,000 crore from Rs 100 crore. We are also giving concessions on land, water, power and other facilities for new industries in diverse verticals”
Uttar Pradesh Industrial Development Commissioner Anoop Chandra Pandey said solar power projects would be granted special industry status for exemption from stamp fee and electricity cess for 10 years.
“Solar power generation projects need not obtain no-objection certificate (NOC) from the Union Ministry of Environment and Forests to avoid delays. The central government is exempting the projects from excise and customs duties on machinery,” Pandey said.
The minister and his officials held a separate meeting with Biocon
Chairperson Kiran Mazumdar-Shaw on the margins of the road show, as she evinced keen interest to invest in the state’s health sector, especially in its e-primary healthcare centres.The new government led by Yogi Adityanath aims to change the people’s perception of UP by attracting investments for setting up industries and businesses in the state to create employment opportunities.
“Previously, we have not had a good reputation. There was a disconnect between industries and government which we want to change through this new industrial policy,” said Minister Satish Mahana.
The UP government also intends to establish the first incubator with an investment of 1,000 crore for more than 1,000 start-up companies.
