NEW DELHI: After consultations with multinational companies, the Yogi Adityanath government has set a nodal agency--Invest UP-- headed by the chief minister to streamline the state's investment approval and other related procedures. Uttar Pradesh plans to clear investment related proposals in not more than 15 days.
"This is the first time in Uttar Pradesh that a special ministry has been set up for investment. In the terms of previous governments, not much effort was made to increase investment in the state," said Sidharth Nath Singh, cabinet minister for MSME, Investment & Export.
Singh added that the agency would provide a common platform to businessmen, industrialists and investors and address issues that crop up as part of investing in the state. While the chief minister, cabinet ministers and senior bureaucrats will be part UP Invest, the state government also plans to make professionals part of the agency.
"We will require professional help and professionals will be made part of the nodal agency. They will help in the promotion of the nodal agency among investors while senior bureaucrats will handle the investments," Singh said.
Invest UP will be headed by the chief minister and the cabinet minister for MSME, Investment & Export, and cabinet minister for Industrial Development will be deputies. It will have an executive board which will be headed by the chief of Department of Infrastructure and Industrial Development.
"While the cabinet minister of Industrial Development would work for the grounding of the investment, the role of cabinet minister for MSME, Investment & Export will be reach out to multinational companies and investors and convince them to invest in the state," said Singh.
The Uttar Pradesh government is reportedly in talks with companies in different countries to promote the state as an investment destination. It is particularly targeting companies that may want to leave China following the outbreak of coronavirus in the country.