Investment Proposals Worth INR 3,500 Crore To Boost UP MSME, Job Sectors

Haryana Textile Association has expressed its desire to invest INR 2,000 crore in Uttar Pradesh. A delegation consisting of 21 members has announced plans to establish 50 industrial units in the initial phase, with this investment anticipated to generate job opportunities for more than 25,000 individuals, both directly and indirectly, within the state.

Furthermore, the state is expected to benefit from foreign exchange earnings through an estimated annual product sales value of INR 5,000 crore, leading to increased exports.

In response, Chief Minister Yogi Adityanath has pledged to provide comprehensive support, including land allocation for industrial setup, and has instructed the chief secretary to prioritize individuals and organizations looking to establish industries.

Members of the Haryana Textiles Association, following their meeting with the Uttar Pradesh CM, have expressed confidence in the state's favorable environment for industrial development and investment security.

The delegation of industrialists included So Yung Pung and Amit Parikh, CEO of KUNSHAN Qtech Company, a mobile-part manufacturing company from Hong Kong; Sachin Goyal, chairman of Uttar Pradesh MSME Startup and others.

Real estate firm Shakuntalam Landcraft has also expressed its intention to invest INR 1,500 crore in the establishment of an industrial park in Surajpur, Greater Noida. This park is envisioned to accommodate more than 600 micro, small, and medium enterprises (MSMEs), with the potential to generate approximately 25,000 direct and indirect employment opportunities in the surrounding area.

Notably, in May this year, the Small Industries Development Bank of India (SIDBI), the foremost financial institution for MSMEs in India, entered into a memorandum of understanding (MoU) with the Departments of MSMEs and Export Promotion under the Uttar Pradesh government. This collaborative effort aims to support the development of private industrial parks within the state as part of the PLEDGE (Promoting Leadership and Enterprise for Development of Growth Engines) scheme.

PLEDGE Scheme

In January this year, the UP government approved the PLEDGE scheme, permitting private enterprises to establish industrial parks within the state. This initiative offers a range of benefits, including a full exemption from stamp duty. Under the scheme, private entities can acquire land spanning from 10 to 50 acres, which they must develop for specific purposes. Additionally, the scheme prioritizes the development of private industrial parks following a cluster model.

Earlier this year, the Uttar Pradesh government had greenlit investment proposals totaling approximately INR 36 lakh crore. These proposals had originated from a memorandum of understanding signed during the state's investor summit.