Yogi Government Approves Special Investment Region Act to Boost Economy

Lucknow, July 2 : In a bid to propel Uttar Pradesh towards a one trillion dollar economy, the Yogi Adityanath-led government has greenlit the Special Investment Region Act during a cabinet meeting at Lok Bhavan. Named the Nodal Investment Region for Manufacturing Act (NIRMAN), the initiative aims to attract substantial investments from domestic and international stakeholders.

The Act, similar to frameworks adopted in Gujarat, Karnataka, and Rajasthan, seeks to establish large-scale Special Investment Regions (SIRs) across Uttar Pradesh. These regions will facilitate cluster development and decentralize administrative powers to expedite regulatory processes. This move is anticipated to enhance the state’s ‘ease of doing business’ climate, stimulate economic growth, and generate employment opportunities.

Principal Secretary of Infrastructure and Industrial Development, Anil Kumar Sagar, emphasized the Act’s role in providing legal protection and promoting significant investment areas crucial for Uttar Pradesh’s economic ambitions. He disclosed plans for at least four SIRs strategically located across the state, leveraging a substantial land bank to spur industrial development.

Additionally, the cabinet approved plans to construct multipurpose halls in Lucknow and Varanasi to support Micro, Small, and Medium Enterprises (MSMEs). These facilities, akin to Delhi’s Bharat Mandapam, are expected to boost MSME productivity and facilitate industrial exhibitions, furthering investment prospects in the state.

Furthermore, in a move to bolster educational infrastructure, the cabinet sanctioned the temporary reappointment of over 2200 teachers in non-government aided secondary schools. This decision aims to address staffing shortages and ensure uninterrupted educational operations in Uttar Pradesh.

With these measures, the Yogi government aims to create an enabling environment for investment, economic expansion, and socio-economic development across the state.