UP changes strategy to attract FDI, Fortune-500 companies
LUCKNOW Foreign firms investing in Uttar Pradesh by bringing in equity as well as loans will now be eligible for benefits under the state government’s incentive scheme. Earlier, incentives under the policy were available only on equity investments.
The decision in this regard was taken at a cabinet meeting chaired by chief minister Yogi Adityanath here on Monday. The incentive scheme has been rewritten as Foreign Direct Investment, Investment in Foreign Cities and Fortune Global 500 and Fortune India 500 Investment Promotion Scheme.
A small amount of ₹100 crore has to be done under the terms of the policy.
“With this amendment, the Yogi government has given a big relief to foreign investors. Now foreign companies will also be able to invest in the country bringing in equity investments along with loan or any other source. which. With this decision, there is an opportunity to increase foreign investment in the country,” the official statement said.
Addressing media persons, State Finance Minister Suresh Khanna said the RBI directives suggest equity investment as FDI. He said that the national government, however, realized that apart from equity in industrial projects, investments are also made through foreign commercial loans, standby letters or credit and debentures etc.
Khanna said the state Cabinet has decided to allow loans, bonds and other instruments to be considered as foreign currency investments with a minimum investment of 10% in equity.
Impacts on electronic devices
the maker
The Cabinet has approved refunds to M/S Pageant Electronics Private Limited, which invests ₹300 crore (land cost not included) under the provisions of Uttar Pradesh Electronics Manufacturing Policy 2020 (first amendment). The company proposes to manufacture electronics, including mobile phones in Gautam Buddh Nagar. The project proposes to create 4,500 job opportunities.
Lessons in pairing
veterinary science
The Cabinet has also approved a proposal to develop a policy to conduct diploma/certificate courses in the field of veterinary science through private sector colleges.
Uttar Pradesh Pt Deendayal Upadhyay Veterinary Sciences University and Go Anusandhan Kendra, Mathura, and other agricultural universities will give affiliation to private colleges to conduct courses.
There is an increasing demand for para-vets who play an important role in providing small veterinary services including vaccination, providing basic treatment and caring for sick animals under the care of veterinarians. There is a shortage of veterinarians in this country. India has only 34,500 veterinarians and UP has 8,193 of them.
Retirement benefits rules
The Cabinet has approved a proposal to amend the Uttar Pradesh Medical Benefits Rules, 1961, to enable the person who receives an order from the court to inform him that he is the legal heir of the deceased employee. Under the existing provisions, gratuity is given to the employee’s nominee (in case of death). Funds are returned to the government if the employer has not selected anyone. The amendment will result in the distribution of property to legal heirs by court order.
₹75.58 cr for
Knit academy
The government cabinet approved the additional amount of ₹75.58 crore to make Dr Ram Manohar Lohia State Administration and Management Academy functional at Chak Gajaria City, Sultanpur Road, Lucknow. The Appropriations Committee approved the revised cost of ₹474.27 crore for the project. While the construction of the stadium has been postponed, the money is ₹10.12 crore will be deducted from the total sanctioned cost of the project.
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