Attracted by Yogi govt’s industrial policies, NRIs seek to set up ventures in Uttar Pradesh
UP has become a favourite state for both NRIs as well as foreign investors, thanks to the Yogi Government’s efforts. The interest among NRI investors has increased in the last couple of years, especially after the launch of the website by CM Yogi last year.
New Delhi: Not only multinational companies, even Indians living abroad are impressed by the investor-friendly policies of the Uttar Pradesh Government and are willing to set up their industrial units in the state.
More than 50 Non-Resident Indians (NRIs) have taken the initiative to set up industries in the state in the recent past of which 32 are in touch with the State Government to invest about Rs 1045 crore in Noida-Greater Noida, Lucknow, Kanpur, Gorakhpur and Prayagraj. These NRIs have shown interest in investing in 15 sectors, including among others, agriculture, health, IT, manufacturing and solar energy. Soon these NRIs will start setting up their enterprise in the state, according to officials.
UP has become a favourite state for both NRIs as well as foreign investors, thanks to the Yogi Government’s efforts. The interest among NRI investors has increased in the last couple of years, especially after the launch of the website by CM Yogi last year. The NRI section of the website has been screened by over 500 Non-Resident Indians for investing in UP while NRI cards have been issued to 540 of them.
32 NRIs from 18 countries propose to invest Rs1045 crore
It is the result of the Yogi Government’s activism that 32 NRIs staying in 18 countries including America, UAE, Oman, Singapore, Australia, Germany, Ghana, New Zealand, Russia, England etc. have sent their proposals to the Government to invest in the state.
According to officials, four US-based Indians as well as eight residing in the UAE and two Indians each living in Oman, Singapore and England have sent their proposals to the Government to invest in UP.
As many as 13 of these NRI investors already have businesses in the countries of their residences and now they want to expand it to UP as well. Besides, 19 Indians working in responsible positions in big companies abroad are now moving to UP to set up their enterprises. The State Government, on its part, is making concrete efforts to expedite provision of land to these prospective investors. They are also in constant touch with NRIs to help them establish their firms.
Once operational, these ventures of NRIs will provide employment to thousands of people of the state.
IT, agriculture, health, manufacturing sectors to see investment
According to the officials of the state, seven NRIs have expressed their willingness to set up their enterprises in the field of agriculture, four each in the health and the manufacturing sectors, three each in the IT and energy and solar energy sectors as well as two each in the education and food processing sectors.
NRIs from the UAE have proposed to build a grand hospital in UP at the estimated cost of Rs 400 crore. Similarly, Dr S Singh, a Russia-based NRI, will invest Rs 300 crore in a renewable energy project.
Non Resident Indians residing in Kuwait have proposed to invest Rs 100 crore in the automotive sector. Furthermore, NRIs residing in Ghana and New Zealand have made investment proposals worth Rs 150 crore in the agriculture sector.
The Chief Minister has directed the officials to contact NRIs who are willing to set up their ventures in UP and also expedite procedures to help their projects get off the ground as soon as possible.