(MENAFN- KNN India)
Lucknow, Nov 15 (KNN) The Uttar Pradesh (UP) government has introduced a fresh draft of amendments to the UP Defence & Aerospace Policy 2018, aiming to catalyse industrial growth in its defence and aerospace ecosystem.
The revamped policy is poised to attract substantial investment, create thousands of jobs, and place UP as a key hub in India's defence manufacturing landscape.
Under the current scheme, the government led by Chief Minister Yogi Adityanath has set a target to attract Rs 50,000 crore investment through the UP Defence Industrial Corridor (UPDIC).
To enhance investor interest, the new amendments offer additional rebates, streamlined standard operating procedures (SOPs), and multiple incentives, including a 10 per cent capital subsidy (up to Rs 500 crore) specifically for units in Jhansi and Chitrakoot.
Previously, a 7 per cent subsidy was offered to units in the key nodes of Agra, Aligarh, Lucknow, and Kanpur, but the revised policy provides more substantial financial support to drive strategic projects in less-developed regions.
Key to the amendments is a simplified land allocation process. Over 5,000 hectares of developed land across the corridor's six nodes-Aligarh, Agra, Kanpur, Lucknow, Chitrakoot, and Jhansi-has already been reserved for defence and aerospace manufacturing plants.
The UP Expressways Industrial Development Authority (UPEIDA) drafted the policy, which is slated for cabinet review and approval.
The enhanced policy aligns with global trends in defence production and aims to foster advanced manufacturing, research, and development across UP. According to a senior UP government official, the policy is expected to bring in Rs 50,000 crore in investments and generate over 250,000 jobs across the corridor's nodes.
In addition to the policy amendments, UP has leveraged its longstanding defence production infrastructure, including seven ordnance factories, four Hindustan Aeronautics Limited (HAL) units, and small arms and field gun manufacturing facilities.
Already, 150 deals worth Rs 25,000 crore have been signed, reflecting strong investor interest. This initiative contributes to India's broader defence manufacturing push, which saw domestic production reach Rs 1.26 trillion in the 2023-24 financial year.
(KNN Bureau)
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