UP cabinet gives nod to the proposal to achieve $1 trillion economy goal.

Lucknow : Dedicated to transforming Uttar Pradesh into a one trillion dollar economy, the Yogi government approved the Special Investment Region Act during a cabinet meeting chaired by Chief Minister Yogi Adityanath at Lok Bhavan on Tuesday.

Named the Nodal Investment Region for Manufacturing Act (NIRMAN), it aims to attract major investors from both within India and around the world to invest in Uttar Pradesh. The government’s move is likely to promote ‘ease of doing business,’ boost economic development, and create new employment opportunities for the general public.

*Powers will be decentralized through the Act*

Providing details about the decisions made by the Yogi Cabinet, Principal Secretary of Infrastructure and Industrial Development Anil Kumar Sagar stated, “This Act has been created to develop Special Investment Regions in the state. Similar Acts are currently in place in three states: Gujarat, Rajasthan, and Karnataka. With this, UP will become the fourth state to implement such an Act.”

He explained that Special Investment Regions are large investment areas where cluster development occurs, and the powers usually held by the State Government or other departments are decentralized to the authority level. 

“This decentralization has two main benefits: first, any changes needed in the master planning can be done there itself. Second, all the NOCs and clearances that usually require state-level approval are also decentralized. According to the ease of doing business concept, the more decentralized the process, the better we can serve the investors,” he added.

*SIRs will be made in four geographical areas of the state*

Principal Secretary Anil Kumar Sagar stated that the purpose of the state government’s new Act is to establish large investment regions and provide them with legal protection. He emphasized that creating such significant investment areas is crucial for Uttar Pradesh to achieve its goal of becoming a one trillion dollar economy.

He further said, “Right now we have not fixed the minimum limit of land for investment in the Act. However, similar to the Bundelkhand Industrial Development Authority, which has an area of 5,000 hectares, the Special Investment Regions will also cover large areas.”

He also mentioned that the proposal includes the creation of at least four Special Investment Regions in Uttar Pradesh, each located in one of the state’s four geographical areas. “We have a substantial land bank available,” he said, “with approximately 20,000 acres ready for allotment.”

*Multipurpose halls to be built in Lucknow and Varanasi to encourage MSMEs*

To foster a conducive environment for industrial investment in the state, the Yogi Cabinet also approved a proposal to sign a Memorandum of Understanding between the India Trade Promotion Organization (ITPO) and MSMEs.

Finance Minister Suresh Khanna highlighted, “Similar to the Bharat Mandapam in Delhi, a large convention center or multipurpose hall of this caliber will be established in Lucknow and Varanasi. This facility will allow MSMEs to showcase their products, promoting both industrial investment and providing encouragement to those involved in MSMEs.”

He emphasized that this initiative will significantly enhance MSME production in Uttar Pradesh. The Bharat Mandapam in Delhi, developed by ITPO, is renowned for its excellent infrastructure and hosts national and international trade fairs regularly. Now, similar events will be feasible in Uttar Pradesh as well.

*More than 2200 teachers will be reappointed on honorarium*

The Yogi Cabinet has also approved the proposal to temporarily employ more than 2200 teachers, who were removed from service in 2023 on the instructions of the Supreme Court, on honorarium in non-government aided secondary schools. 

Finance Minister Suresh Khanna explained, “There are vacant teaching positions in non-government aided secondary schools, adversely impacting educational operations. To ensure smooth functioning of education, these 2200 teachers, released from service as per Supreme Court directives in 2023, will be temporarily reappointed. Those teaching in classes 9 and 10 will receive Rs 25,000, while those teaching in classes 11 and 12 will receive Rs 30,000 as honorarium.”