Indian Economy News

Uttar Pradesh government scales up industrial land bank to 25,000 acres

  • IBEF
  • April 23, 2024

Uttar Pradesh aims to achieve a trillion-dollar economy by 2027 and has secured a robust land bank of 25,000 acres for swift allocation to industries. Recently, UP State Industrial Development Authority (UPSIDA) designated 1,470 acres in Lalitpur district for a bulk drug park, aiming to establish the state as a leading hub for pharmaceuticals in South Asia. CEO, Mr. Mayur Maheshwari, highlighted ongoing land acquisitions across districts and initiatives like e-auctioning plots, which have tripled plot allotments and doubled operating revenue. Additionally, UPSIDA has developed women-centric facilities to promote female participation in industrial parks.

To further economic growth, Uttar Pradesh plans to establish mini-industrial clusters in rural areas and incentivize the setting up of 25,000 units with 100% stamp duty waivers. The state intends to transfer Gram Sabha land to the industrial department for allotment at local circle rates, encouraging proposals from local village committees to utilize uncultivable land for industrial purposes. These efforts aim to generate local employment, curb rural youth migration, and bolster the micro, small, and medium enterprises (MSME) ecosystem in the state.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.