The Uttar Pradesh (UP) cabinet, under the chairmanship of Chief Minister Yogi Adityanath, passed the draft of the UP Nodal Investment Region for Manufacturing (Construction) Area Bill (NIRMAN) 2024 on July 2, 2024.
UP NIRMAN 2024: Objective
The objective is to make the state a one trillion economy by making Special Investment Regions (SIRs) for big investors in India and worldwide. SIRs will promote cluster developments in the state.
UP NIRMAN 2024: Key facts
- Over four SIRs will be created in four geographical areas of UP.
- UP has around 20,000 acres of land that will be used for the development of the SIRs.
- Once UP implements this bill, it will be the fourth state with this model after Gujarat (2009), Rajasthan (2016) and Karnataka (2022).
- This will promote ease of business in UP and generate jobs in the state. Moreover, the investors will be protected legally.
- To promote a favourable environment for industrial investment in UP, the proposal for signing a Memorandum of Understanding (MoU) between India Trade Promotion Organisation (ITPO) and Micro, Small and Medium Enterprises (MSME) was approved in the cabinet.
- A convention centre is planned to be built in Lucknow and Varanasi where MSME can display their products. This will be on the lines of the Bharat Mandapam in Delhi.
Housing.com POV
Special Investment Regions (SIRs) help in state development. Uttar Pradesh, one of the largest states in India, has huge business potential. The UP NIRMAN 2024 Bill will be a step forward in the state’s development. Cluster development propels economic growth and this initiative will play a key role in UP becoming a one trillion economy.
FAQs
How many areas have been reserved for BIDA?
UP has established the Bundelkhand Industrial Development Authority (BIDA) for which around 5,000 hectares have been assigned.
How many SIRs are being planned in UP?
Around four Special Investment Regions are being planned in UP.
How much area will be allotted to these SIRs?
SIRs will be developed on a land bank of around 20,000 acres.
Which other states have passed the Special Investment Regions Bill?
Gujarat, Karnataka and Rajasthan have passed the SIR Bill.
What is UP’s vision for the establishment of these SIRs?
SIRs will assist in UP becoming a one trillion economy state.
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