In the wake of the Coronavirus outbreak across the country, Yogi Adityanath-led Uttar Pradesh Government is planning to woo companies looking to shift their manufacturing bases away from China, with a special package.
A Global Investors Summit in Lucknow by 2021-end
The UP Government is planning to hold a Global Investors Summit in Lucknow by 2021-end to position itself as an ideal investment area for the international companies. In view of the same, the Government is said to be preparing a special package to attract investors.
It is said that CM Yogi Adityanath has already directed top bureaucrats to start working on the package. UP additional chief secretary Awanish Kumar Awasthi said:
“The chief minister has directed the industrial development and MSME department to formulate a package for these companies, which could be offered in the second round of our investment garnering exercise.”
The steps were taken after the UP Government had taken cognizance of reports hinting big companies were looking for alternative bases outside China.
A Mega Investor Summit already held last year
In fact, the UP Govt. had previously conducted a Mega Investor Summit last year. The summit garnered investments close to Rs. 4.68 trillion, of which investments worth Rs. 1.25 trillion have already held their foundation-laying ceremony.
On the other hand, the UP Administration is also chalking out intensive plans to overcome the economic challenges which are sure to arrive after the COVID-19 outbreak subsides. It is said that the Government has already constituted 11 different committees to brace the challenges going forward.
The committees are concerning to the sectors of industry, construction, revenue, labor, education, agriculture, social welfare, rural development, urban affairs, water, and handicapped welfare. Each committee is headed by the corresponding Cabinet Minister.
Also, the government has allowed private companies to procure farm produce at the doorstep so that the social distancing norms are protected. This is also a helpful step for the farmers, who need not worry much in selling their products.
The state has also allowed the reopening of around 5000 industrial unites, all of whom are involved in the production of medical equipment and essential supplies.
