UP committed to becoming favourite investment destination across globe, says CM Yogi Adityanath

By: |
November 6, 2020 5:22 PM

Mahindra's tweet came on a report about German shoe brand Von Wellx shifting its production to Agra from China.

"Under able guidance of Prime Minister Narendra Modiji, UP is committed to become a favourite investment destination across the globe. The Ease of Doing Business ranking and single window clearance system are clear indicators of our investor friendly policies," the UP chief minister said in a tweet."Under able guidance of Prime Minister Narendra Modiji, UP is committed to become a favourite investment destination across the globe. The Ease of Doing Business ranking and single window clearance system are clear indicators of our investor friendly policies," the UP chief minister said in a tweet.

The Uttar Pradesh government is committed to promoting the state as a favourite investment destination across the globe, Chief Minister Yogi Adityanath said on Friday.

“Under able guidance of Prime Minister Narendra Modiji, UP is committed to become a favourite investment destination across the globe. The Ease of Doing Business ranking and single window clearance system are clear indicators of our investor friendly policies,” the UP chief minister said in a tweet.

He shared a tweet of Mahindra Group Chairman Anand Mahindra in which the latter said, “The first few drops, which turn into a trickle, then a strong flow and finally a flood. Let’s make sure we do nothing to prevent this ‘good’ flood of investment. It’s a huge opportunity. I hope @investindia can catalyse this.”

Mahindra’s tweet came on a report about German shoe brand Von Wellx shifting its production to Agra from China.

Due to the investment-friendly initiatives in the state, UP has gained the second position in the ease of doing business leaving behind Maharashtra, Gujarat, Telangana and Rajasthan.

The German shoe brand is sold in over 80 countries and has over 100 million customers worldwide.

According to an official spokesman, the collaboration will provide over 10,000 direct and indirect jobs and will manufacture over 50 lakh pairs of shoes every year.

He said Von Wellx will invest about Rs 300 crore in three projects in Uttar Pradesh. The brand will set up its factory near Jewar, while the manufacturing unit will be set up in Kosi-Kotwan, Mathura.

Von Wellx shifted its two shoe-making units in Agra on November 3. Earlier, the company announced that it would shift its entire production from China to India.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? 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
1Amid pandemic: Rice exports see a surge; shipments up 36% in H1
2Balers move High Court over jute commissioner’s stock order
3GST registration process in for overhaul