In a bid to boost Uttar Pradesh’s investment landscape, the state’s Industries and Infrastructure Development Commissioner, Manoj Singh, highlighted the success of the state’s FDI initiatives, in one of the recently held conclaves. Singh emphasized that Uttar Pradesh has taken proactive steps to attract both international and Indian Fortune 500 companies, becoming the first Indian state to introduce a dedicated policy for this purpose.
‘UP is the first Indian state to come out with a dedicated policy to attract FDI from international and Indian Fortune 500 companies… our framework is both incentivizing and growth assuring,’ said Singh, addressing the attendees.
One of the key hurdles in attracting FDI has been the cost of land. In Uttar Pradesh, the cost of a hectare of land can reach up to Rs 4 crore, significantly higher than neighboring states like Gujarat and Maharashtra. To overcome this obstacle, Uttar Pradesh has introduced a groundbreaking solution – a 75% front-end land subsidy.
‘We have prepared the ground for it through a policy framework and addressed the biggest roadblock which was the cost of land. In UP, the cost of a hectare of land can go up to Rs 4 crore which is several times higher than what it is in Gujarat and Maharashtra. To counter this, UP is offering a front end 75% land subsidy,’ explained Singh.
This strategic move has already yielded positive results, with Japanese company Fuji Silvertech committing to establishing a new plant in western Uttar Pradesh. The subsidy offered by the state has played a pivotal role in attracting this significant investment, marking a milestone in Uttar Pradesh’s journey to become a preferred destination for FDI.
The news of Fuji Silvertech’s investment in Uttar Pradesh is expected to have a ripple effect, attracting more companies to explore opportunities in the state’s industrial landscape.
