Yogi Adityanath government in Uttar Pradesh on Saturday announced to frame new policies in the retail, electric vehicle and services sectors for attracting private investment and creating jobs.

UP industrial development minister Satish Mahana said these policies were aimed at not only attracting fresh investments but creating mass employment opportunities in the state.

Due to a large population, UP has emerged as a key market for the retail giants, including Amazon and Walmart, who are keen to expand their footprint in the state.

Interacting with industrialists and investors here, Mahana announced the state government would lay the foundation of industrial and infrastructure projects totalling Rs one trillion over the next two months, with projects worth Rs 500 billion to be launched at a groundbreaking ceremony later this month.

These projects are part of the Rs 4.68 trillion worth of memorandum of understanding (MoU) signed with companies during the ‘UP Investors Summit’ here on 21-22 February 2018.

Meanwhile, UP chief secretary Anup Chandra Pandey informed the government had made available 340 megawatt (mw) of power under open access platform. Besides, the state is encouraging investment in the biofuel space while promising capital subsidy to investors through the state nodal agency UPNEDA.

He said the single window clearance system had been made operational for faster processes of business proposals.

The state had earlier announced to frame new policies for financial services and data centres as well. The new policies are expected to give a fillip to these sectors and project UP as an attractive investment destination, apart from boosting fresh employment and self-employment opportunities.

Recently, CM Adityanath had expressed displeasure over the slow pace of follow-up for the projects in the pipeline.

On July 29, Prime Minister Narendra Modi had laid foundation of projects worth Rs 600 billion. Inaugurating the Summit, Modi had exhorted UP and Maharashtra to compete for emerging as the country’s first trillion dollar economies.

Adityanath had directed officials to ensure that all grounds works are completed and projects of Rs 500 billion were launched in the second week of December. Another groundbreaking ceremony would be organised early next year.

Besides, the state is pursuing three other mega infrastructure projects viz. Bundelkhand Defence Corridor, Bundelkhand Expressway and Jewar International Airport. While Defence Corridor is touted to get investment of almost Rs 500 billion, the 289 km Bundelkhand Expressway is estimated to cost Rs 100 billion.

The government has already identified over 5,000 hectares for allotment to private companies for the Defence Corridor. The Corridor would span 6 nodes at Aligarh, Agra, Jhansi, Kanpur, Lucknow and Chitrakoot districts. India is the world’s largest military hardware importer and among top 5 military spenders. Now the country wants to develop its indigenous defence industry for saving foreign exchange and national security matrix.