Sell UP as best investment option: CM to industry department

Neha Lalchandani | TNN | Updated: Apr 14, 2020, 09:44 IST

File photo of Yogi Adityanath

LUCKNOW: Expecting countries the world over to reconsider their investment in China in light of the coronavirus outbreak, chief minister Yogi Adityanath has directed the industries department to prepare a plan to sell Uttar Pradesh as the best investment alternative.
Sources in the industries department said that certain countries, including Japan, has already announced an economic stimulus package to companies who wanted to move their investments out of China. India, specifically UP, could gain tremendously from this move.
Additional chief secretary (home) Awanish Awasthi said that the CM had directed the industries department to utilise this opportunity for the development of UP. "UP already has several policies in place which make it an investor friendly state. The CM has said if required, we should fine-tune these policies to suit the present circumstances. UP's proximity to the national capital, the upcoming airport at Jewar, the defence corridor and industrial facilities in places like Noida and Greater Noida make it an attractive location," said Alok Kumar, principal secretary, infrastructure and industrial development.
Attempts to take advantage of a trade war between the US and China in 2019 had already been made by industrialists in UP, say officials in the industries department. A senior official said that an international level investors' summit had been planned for October or November 2020, the fate of which remains undecided due to the coronavirus-related circumstances and UP is already trying to attract foreign investments.
Meanwhile, over few days, the government has eased certain conditions of the lockdown and permitted more than 5,200 industries to operate. Most of these are manufacturing medical supplies like face masks, sanitizers, personal protection kits, ventilators and essential goods largely in the food processing industry like milk, processed foods, flour and dal mills, etc.
The government recently announced if the owner of an essential goods manufacturing unit can guarantee that his or her workers will remain on the factory premises and be provided food and lodging there, the factory can start production. However, the main problem of many units is that a large percentage of labourers left for their home towns and villages soon after the lockdown was announced.