LUCKNOW: After wooing the country’s entrepreneurs for investment in Uttar Pradesh, the Yogi Adityanath government is expanding the horizon and is all set to come out with a new policy to attract foreign direct investment (FDI) and Fortune 500 companies. If all goes well as per the plan, the announcement for the same may be made next month.
A new policy is on the anvil as FDI inflows remained low and the state does not have a significant presence of Fortune 500 companies despite receiving record investment proposals of Rs 35-37 lakh crore at the Global Investors’ Summit-2023 held in Lucknow in February, this year.
As per sources, a meeting presided over by UP CM Yogi Adityanath was held in the state capital on July 18. In that meeting, Chief Minister Yogi Adityanath asked senior officers to work out a new policy to attract more FDI.
As per Manoj Kumar Singh, the Infrastructure and Industrial Development Commissioner (IIDC), the state government is in the final stages of working out the new policy and the same may be announced by next month. According to IIDC, a new policy focused on attracting FDIs and Fortune 500 companies would be announced soon. He said that UP did not attract much FDI and only seven Fortune 500 companies were present in the state.
He expressed hope that the new policy, incorporating incentives, will help attract investments. He added that the efforts to finalise the new policy and put the same in place by October 10 were on.
Uttar Pradesh shares its inland borders with seven states and the international border with Nepal. It has worked out policies for different sectors and has received 22,000 investment proposals worth Rs 37 lakh crore through the UP GIS-2023.
As per the sources, UP got an FDI equity inflow of only USD 224.81 million out of the total inflow of USD 51,339.27 million received in the country during the period.
In order to make the process more effective, the state government has simplified the approval process and is promoting ease of doing business to attract investment.