Uttar Pradesh is becoming a favorite destination for global investors due to the Fortune-500 policy of the Yogi government. Hi-tech manufacturing, R&D support and subsidies are giving new strength to investment, employment and exports.
Lucknow. The Fortune-500 policy of the Uttar Pradesh government now seems to be firmly establishing the state on the global investment map. This policy, implemented under the leadership of Chief Minister Yogi Adityanath, has attracted large multinational industrial groups to invest in Uttar Pradesh. This policy is not limited to capital investment only, but focuses on the development of manufacturing, research and innovation based industrial ecosystem.
Industrial scenario will change due to increasing presence of global companies
Due to the Fortune-500 policy, the confidence of global investors in Uttar Pradesh is continuously increasing. Reputed global companies like Fuji Silvertec and HMI Group of Japan, Canpac of Poland, Pine Valley of America, Ursa Cluster and Vision Source are setting up their units in Uttar Pradesh. This has further strengthened the state’s direction of becoming an industrial superpower.
Attractive incentive and subsidy arrangements for investors
The facilities like logistics subsidy, patent fee reimbursement and R&D support provided by the state government make it clear that Uttar Pradesh has now become a stable and long-term investment destination for Fortune-500 companies. Reimbursement of transportation cost on machinery imports, facilities at Research Centers and Centers of Excellence are reducing the initial risk of investors.
Hi-tech manufacturing and employment are getting a boost
The effect of this policy is that big companies are showing interest in shifting their units or setting up new production units in Uttar Pradesh. Due to incentives related to patents and R&D, high-tech manufacturing and advanced technology is being promoted in the state. Along with this, new opportunities for skilled and quality employment are also being created at the local level.
There will be rapid increase in industrial capacity, exports and revenue
Economic experts believe that as the projects of Fortune-500 companies come on the ground, the industrial capacity of Uttar Pradesh will increase manifold. This will increase exports, strengthen the revenue of the state and Uttar Pradesh will move forward in the category of leading industrial states of the country. Traditional industries will also get an opportunity to adopt new technology and increase their competitiveness.
Regional balance and Bundelkhand-Purvanchal will benefit
An important aspect of the Fortune 500 strategy is regional balance. Establishment of industries in areas like Bundelkhand and Purvanchal is being promoted by providing more subsidies and special incentives. This has accelerated the development of infrastructure in these areas and given a new impetus to the local economy.
Current Benefits of a Fortune 500 Policy
- Continuous increase in large industrial investment in the state
- Industrial credibility strengthened by the presence of global companies
- Promotion of hi-tech and value added manufacturing
- High quality jobs for local youth
- Uttar Pradesh’s growing role in exports and supply chain
Bigger benefits will be visible in the future
- Uttar Pradesh will emerge as a global manufacturing and innovation hub
- The state’s economy will get long-term strength
- New technology and modern skills will spread rapidly
- Yogi government’s industry, employment and development model will become more powerful