The Government of Uttar Pradesh has set a nodal agency – Invest UP – headed by Chief Minister Yogi Adityanath following consultations with multinational companies. The agency was set up with an aim to streamline the state’s investment approval and other related procedures. The State plans to clear investment-related proposals in not more than 15 days.
Sidharth Nath Singh, cabinet minister for MSME, Investment & Export said, “This is the first time in Uttar Pradesh that a special ministry has been set up for investment. In terms of previous governments, not much effort was made to increase investment in the state.”
As per the Minister, the agency would pose as a common platform to businessmen, industrialists and investors and address issues that crop up as a part of investing in the state. While the CM, cabinet ministers and senior bureaucrats will be a part of ‘UP Invest’, the state government also plans to make professionals part of the agency. Professionals will help in the promotion of the nodal agency among investors while senior bureaucrats will handle the investments,” the Minister added.
The agency, Invest UP, will be led by the CM and the Cabinet Minister for MSME, Investment & Export, and Cabinet Minister for Industrial Development will be the deputies. It will also include an executive board which will be headed by the chief of the Department of Infrastructure and Industrial Development. While the Industrial Development minister would work for the grounding of the investment, the MSME, Investment & Export minister will be reaching out to MNCs and investors to invest in the state.
The State is in talks with companies in other countries to promote the state as an investment destination. It is specifically looking forward to companies that may want to leave China following the Corona outbreak.