UP Assembles 25,000-Acre Industrial Land Bank To Fuel $1 Trillion Economy Dream

(MENAFN- KNN India) Lucknow, Apr 23 (KNN)
In a bid to propel Uttar Pradesh towards a trillion-dollar Economy by 2027, the state government has assembled an industrial land bank spanning 25,000 acres across 75 districts.

This strategic land Acquisition drive, spearheaded by the UP State Industrial Development Authority (UPSIDA), aims to facilitate prompt allotment to industries and accelerate the state's economic transformation.

According to UPSIDA Chief Executive Officer Mayur Maheshwari, land acquisitions have been undertaken in strategic locations such as Hathras, Hardoi, Prayagraj, Lucknow, Pratapgarh, Rae Bareli, Barabanki, and Chitrakoot.

UPSIDA is actively working to enhance the land inventory through audits and exploration of untapped areas, ensuring a steady supply of industrial land parcels.

Transparency and efficiency have been hallmarks of UPSIDA's operations, as evidenced by the introduction of e-auctions for plot allotments in 2019-20. This initiative has led to a remarkable three-fold increase in plot allotments, rising from 191 plots in 2017-18 to 693 plots in 2023-24.

Consequently, UPSIDA's operating revenue has doubled, climbing from Rs 615 crore in 2018-19 to Rs 1,359 crore in 2023-24.

Recognising the importance of inclusive growth, UPSIDA has established women-centric facilities under the Atal Industrial Infrastructure Mission (AIIM) and Safe Industrial Area Projects. These initiatives aim to enhance female participation and employment in industrial parks, fostering an equitable and diverse workforce.

Furthermore, the state has unveiled plans to establish mini-industrial clusters in rural areas, bolstering economic activities and creating employment opportunities.

UP Micro, Small and Medium Enterprises (MSME) minister Rakesh Sachan revealed that Gram Sabha land would be allocated to the industrial department at local circle rates, facilitating the establishment of these clusters.

The state is actively incentivising the establishment of 25,000 MSME units in the hinterland, including a 100 per cent stamp duty waiver, to stem youth migration from rural areas and catalyse the MSME ecosystem. Local village committees will play a pivotal role in identifying uncultivable and barren tracts of Gram Sabha land suitable for industrial allotment.

The Yogi Adityanath government has set an ambitious target of doubling MSME exports to Rs 3 trillion, underscoring the sector's pivotal role in the 'Make in UP' agenda.

MSMEs contribute a staggering 60 percent to the state's annual industrial output, forming the backbone of UP's manufacturing prowess and driving the growth of other sectors.

(KNN Bureau)


KNN India

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