Uttar Pradesh-Other Investment Policies
The state Uttar Pradesh aspires to utilize the modern tools of biotechnology and attain prosperity for farmers, generate employment in rural areas, food for all, good health and clean environment. The mission of the policy is to develop knowledge-based economy, assure benefit of biotechnology to all section of the State and promote entrepreneurship in biotechnology-based industries.
Industrial and service sector investment policy aimed at creating comprehensive reforms and restructuring of the economy is creating new opportunities and opening new avenues for investment in the state.
The policy provides special incentives on infrastructure in addition to exemption from various tax and duties to the investors. The policy maintains a single window policy for speedy and hassle free procedures. A 100 per cent exemption on stamp duties for IT, ITeS, food processing sector and some of the service sector; rebate on stamp duty, land on priority, interest free loan under industrial investment promotion scheme, uninterrupted power supply and exemption from electricity duty, 50-100 per cent exemption from stamp duty on purchase of land have helped to create ideal environment for investment. Also extra incentives are being given on case-to-case basis for investment more than Rs.500 crores.
India embarked on a comprehensive economic reforms program in 1991. This aimed at rapid and substantial economic growth preparing India for integration with the global economy. The process of further liberalization of industrial approval, foreign investment, EXIM and fiscal policies, economic reforms and simplification of policy, procedures and efforts towards making them responsive to the needs of industry continued during the Ninth Five Year Plan. In the fast paced technology sector such as Electronics and Information Technology, the characteristics which underpin the industry and services are fast technological developments, reducing business cycle times, just-in-time and time to market.
At the time of drafting of master plan, related regulated area and authorities by taking cooperation from Deptt. of Tourism will earmark the land for hotels and this land will be given for hotels. Where master plan has been finalised this action should be taken for vacant space. In authorities (development authority, industrial development authority, housing & development board) where master plan has not been finalised, with the help of Department of Tourism action to be taken to reserve suitable land for hotels keeping in mind the possibilities for tourism and whenever master plans are received then at that time also by taking help from Deptt. of Tourism the land will be reserved for hotels.
The land earmarked for industry in the master plan should be kept reserved for tourism/hotel for a period of 5 years after the date of advertising the scheme. If no hotel entrepreneur comes forward in the time span of 5 years then in that case the authority will be free to convert the use of this land.
Electric power and its easy availability is an established benchmark of development and an essential prerequisite for all-round prosperity. No major economic activity can be sustained without adequate and reliable source of power. In view of the fact that the conventional sources of power are fast depleting and pose a threat of environment pollution too, the challenge before the State Government is not only to meet the ever growing demand for power but also to progressively increase the share of renewable sources in the power-mix so as to achieve overall energy security.
Ots policy for picup needs more objectivity in its appraisal efforts. At the same time, however, it is important that the policy should allow for a scientist.s precision as well as an artist.s appreciation to ensure that while the system remains objective, it does not loose out on the need for factoring in uniqueness of each case that will come up for a settlement. Early settlement is the essence of any ots policy equally important is the fact that such policy should be attractive to the borrowers. Accordingly the state.s ots policy will stand on two principles;
The Section-50 of Central SEZ Act, 2005, expects that the State Governments should also notify Policies and enabling Act to provide facilities/exemptions to SEZs.
After studying the Central SEZ Act - 2005, SEZ Rules - 2006. and also relevant Policies of various States, new U.P. SEZ Policy is being hereby notified, in order to foster the industrial and economic development and creating conducing environment for the development of SEZ.