UP’s Economic Growth | 03 Jan 2024

Why in News?

In Ease of Doing Business ranking, the state has jumped to the 2^nd spot in the country in 2018 from the 14th rank in 2017. This underscores the state government’s commitment in making Uttar Pradesh a preferred investment destination in the country.

Key Points

• The state government has set a target of becoming a trillion-dollar economy and serious efforts in that direction were seen when UP Global Investors Summit (GIS) was held in February 2023 which received total investment proposals over Rs 38 lakh crores.
• Organising MotoGP in Greater Noida was a great way to boost tourism and hence investments into the state.
• The first international trade show, held in Greater Noida, provided a global platform for entrepreneurs, manufacturers and exporters from diverse sectors such as Information Technology and its Enabled Services; Ministry of Micro, Small and Medium Enterprises; education; agriculture; health; tourism, etc.
• Apart from the 25 sectoral policies that have been implemented to ensure ease of doing business, a lucrative FDI (Foreign Direct Investment) policy was rolled out offering incentives such as front-end land subsidy upto 80%, capital subsidy upto 35% and Net SGST (State Goods and Services Tax) reimbursement.
  • Japanese company Fuji Silvertech Concrete Pvt Ltd became the first company to get subsidy under the policy. The entire process of providing subsidy was completed in a record time of three days.
• A single window clearance system – Nivesh Mitra – provides necessary permits and certifications. It has over 8.8 lakh registered users, offering services related to more than 454 licenses across over 37 departments.
  • The portal has processed over 13 lakh applications for NOC/licenses in the last four years, with a remarkable 97% success rate.
  • It has a grievance redressal rate of 93%.
• Nivesh Sarathi is a investor relationship management system enabling investors and entrepreneurs in the state to revert to the incentives online.