Uttar Pradesh is bullish on its potential as an investment destination not only for domestic but also global investors.
With its sight firmly on the $1 trillion economy goal, the Yogi Adityanath government has amended several industry related laws to improve its ease of doing business ecosystem.
In a clear indication of such changes beginning to deliver the goods, Uttar Pradesh has netted investment proposals of about Rs 20,300 crore worth of Foreign Direct Investment (FDI) and Foreign Capital Investment (FCI).
The investment proposals came under the ‘Uttar Pradesh FDI/FCI, Fortune Global 500, and Fortune India 500 Company Investment Promotion Policy 2023’.
Of the 21 FDI/FCI proposals totalling Rs 20,300 crore, proposals of Rs 12,500 crore have been approved and issued with the Letter of Comfort (LoC) by the Yogi government.
The remaining lot of proposals worth Rs 7,800 crore are pending for approval by 'Invest UP' - the nodal agency for facilitating investments.
LoC is the state government's undertaking/guarantee to investors regarding incentives upon fulfilling investment conditions.
Meanwhile, under the UP Industrial Investment and Employment Promotion Policy 2022, 85 proposals worth Rs 1.11 trillion have been approved, while 30 proposals worth Rs 1.10 trillion are in the pipeline.
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