COVID-19 outbreak: UP mulls package for investors relocating from China

By: |
April 18, 2020 2:00 AM

Meanwhile, the UP government had, on Thursday, issued an order allowing nine types of industries to run conditionally with essential services.

The idea, mooted by chief minister Yogi Adityanath, is a step to revive the pandemic-hit economy of the state. (File image)The idea, mooted by chief minister Yogi Adityanath, is a step to revive the pandemic-hit economy of the state. (File image)

In an effort to attract investors pulling out of China after the outbreak of COVID-19, Uttar Pradesh government has started formulating policies to encourage such investors to relocate in the state. The idea, mooted by chief minister Yogi Adityanath, is a step to revive the pandemic-hit economy of the state.

The special package, which could be offered to such companies, would be in addition to the existing incentives already in place to attract private sector investments.

The chief minister has asked the minister for industrial development, Satish Mahana, and minister in charge of MSMEs Sidharth Nath Singh to chalk out ways in which the state can woo the industries moving out of China. He has also asked them to tap the embassies of various countries and talk to the ambassadors in this regard.

Meanwhile, the UP government had, on Thursday, issued an order allowing nine types of industries to run conditionally with essential services. The permission to operate continuous process industries include steel, refinery, cement, chemical, fertilizer industries, foundries, paper, tyre industry, sugar mills, etc.

However, the permitted industries have been asked to run their units with restrictions such as maximum 50% workforce and ensure that the sanitation in the industrial complex is as per the guidelines.

The district administration and medical department have been asked to ensure that these guidelines are being followed.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Sitharaman to attend G-20 joint finance, health ministers meet in Rome
2Green hydrogen can boost India’s energy security, decarbonisation of economy
3Small LPG cylinders to be sold via ration shops