The Uttar Pradesh government, under the leadership of Chief Minister Yogi Adityanath, has announced the implementation of customised packages for ultra mega category projects of special significance in the state, a government spokesman disclosed on Wednesday.
This initiative is part of the revised Industrial Investment and Employment Promotion Policy 2022, as stated by the Department of Infrastructure and Industrial Development.
The policy amendments empower a committee chaired by the CEO of Invest Uttar Pradesh to evaluate these projects and recommend bespoke packages, the spokesman added.
Following the endorsement of the high-level Empowered Committee and the Cabinet, tailored incentives will be extended to these large-scale projects. Final approval will be granted by the Council of Ministers based on the recommendation of the Empowered Committee.
Previously, applications for such projects underwent review by the nodal agency. However, with the amended policy, this responsibility is now delegated to the committee under the CEO of Invest Uttar Pradesh.
The approval process involves the participation of various high-level authorities, including the Additional Chief Secretaries/Principal Secretaries of relevant departments and a negotiation committee.
Acknowledgment certificates will be issued to applicants by the nodal institution, with the evaluation process adhering to defined provisions for mega-category cases.
These amendments are aimed at streamlining the process of providing tailored incentives for projects of special significance in the ultra mega category, ensuring efficient decision-making, and fostering investment in the state.
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