Industrial Parks Announced In Moradabad And Saharanpur Under PLEDGE Scheme

(MENAFN- KNN India) Lucknow, Nov 23 (KNN) The Uttar Pradesh government has expanded its private industrial park network with the approval of two new facilities in Saharanpur and Moradabad, bringing the total number of such parks in the state to thirteen.

The announcement came from the state's Medium, Small and Micro Enterprises (MSME) department, marking another step in the state's industrial development strategy.

The Principal Secretary of MSME emphasised that these new industrial parks, approved under the PLEDGE scheme launched in January 2023, will accommodate diverse manufacturing units while generating employment opportunities in their respective regions.

The scheme provides financial support to investors through loans of Rs 50 lakh per acre at a preferential interest rate of 1 per cent per annum, with investors bearing responsibility for developing internal infrastructure and marketing the facilities.

Among the thirteen approved parks, Jhansi and Hapur locations are currently operational, while developments are underway in Kanpur, Baghpat, Barabanki, Bareilly, Chandauli, Ghaziabad, Meerut, Lucknow, and Shahjahanpur.

The initiative allows investors to repay their loans through the sale of industrial plots, which also enables reinvestment opportunities.

State officials view these private industrial parks as instrumental in accelerating regional development and advancing toward Uttar Pradesh's ambitious one trillion dollar economy goal.

The state government has expressed its commitment to fostering startup growth and industrial development through such initiatives, with the PLEDGE scheme requiring investors to secure land while the MSME department provides supporting infrastructure.

(KNN Bureau)

MENAFN23112024000155011030ID1108918355