Fortune Global 500 & Fortune India 500 Companies Investment Promotion Policy Overview
Sector Overview :
The Uttar Pradesh government is proud to announce the launch of the "Uttar Pradesh FDI, Fortune Global 500 & Fortune India 500 Companies Investment Promotion Policy 2023". This groundbreaking policy is designed to turbocharge the state's economy by attracting top-tier global investments. By fostering an environment that champions innovation, propels technological advancements, and nurtures a dynamic business ecosystem, we aim to cement Uttar Pradesh as a premier investment destination on the global stage.
Sector Overview
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The policy endeavours to engage a broad spectrum of stakeholders including, but not limited to, Fortune Global 500 and Fortune India 500 companies eyeing investment opportunities, local businesses poised to engage in potential collaborations, and the burgeoning workforce set to benefit from enhanced skill development initiatives and employment opportunities. Notably, investors interested in the underdeveloped regions like Bundelkhand will find the provisions of this policy particularly attractive due to higher land and capital subsidies aimed at invigorating these areas.
Objectives
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Promoting Economic Development : By attracting FDI, the policy seeks to supplement domestic capital, technology, and skills to foster accelerated economic growth and development within the state.
Transparent Regulatory Framework : The policy is incorporated within a clear and easily understandable policy framework defined by the Consolidated FDI Policy Circular, updated annually to reflect any regulatory changes.
Department for Promotion of Industry and Internal Trade (DPIIT) Role : The DPIIT, under the Ministry of Commerce & Industry, is tasked with making policy pronouncements on FDI. These are implemented through amendments to the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 under FEMA (1999).
Regulatory Framework Maintenance: This encompasses FEMA rules and regulations, Consolidated FDI Policy Circular, Press Notes, Press Releases, Clarifications, etc., ensuring a cohesive regulatory ecosystem for FDI management.
Enablers
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Strategic Location & Connectivity : Nestled in the heart of India, UP enjoys unparalleled access to key markets across the country and beyond, making it a prime spot for businesses looking to thrive.
Robust Policy Framework : With policies designed to support and stimulate growth, UP is rolling out the red carpet for investors, offering an ecosystem where businesses can flourish.
Skilled Workforce : The state is home to a vast pool of talented individuals, ready to drive innovation and push boundaries in various sectors.
Thriving Startup Ecosystem : Uttar Pradesh is fostering a vibrant startup culture, providing a fertile ground for innovative ideas and entrepreneurial spirit to take root and soar.
Investment and Fiscal Incentives
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Investors and technology firms are encouraged to leverage this unique opportunity to be part of Uttar Pradesh's technological renaissance. For detailed insights and to explore investment opportunities, reach out directly to the Project Management Unit under the supervision of the Nodal Agency.
Land Subsidisation :
- Front-End Land Subsidy:
Directives for development authorities to allocate area equivalent to 50% of the Gram samaj land made available to the eligible projects at acquisition cost.
Capital Investment Support :
Capital Subsidy: A capital subsidy under annual ceiling of ₹100 crore, will be provided in seven equal annual instalments at 35% of Eligible Capital Investment in Bundelkhand region.Tax Incentives: Net SGST Reimbursement and Refund on Capital Goods: projects will benefit from a net SGST reimbursement at 100%, and under certain conditions, a refund on the SGST paid on capital goods.
Additional Fiscal Incentives:
Stamp Duty and Electricity Duty: Exemptions and reimbursements on stamp duty and registration fees, along with a 100% exemption in electricity duty for five years.Skill Development Subsidy: Reimbursement for training costs up to a specified limit.
Green Industry Incentives: Promotion of environmentally sustainable practices through substantial subsidies for the establishment of Effluent Treatment Plants (ETP).
