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The Uttar Pradesh cabinet, under the leadership of Chief Minister Yogi Adityanath, has given its approval to a set of proposals that aim to benefit both the common citizens and major industries in the state. These proposals include policies designed to attract Foreign Direct Investment (FDI) and Fortune 500 companies, along with the reimbursement of benefits to Samsung India and LG India. Additionally, the cabinet has decided to distribute two free LPG cylinders to beneficiaries of the PM Ujjwala Yojana.
The key highlights of these initiatives are as follows:
Attracting FDI and Fortune 500 Companies: The policy approved by the cabinet offers substantial incentives to attract FDI and Fortune 500 companies. This includes a rebate of 75% to 80% on land rates for eligible companies.
Capital Subsidy: The policy provides for a capital subsidy of up to ₹100 crore per year, disbursed in seven annual installments, as well as a 100% reimbursement of State Goods and Services Tax (SGST).
Skill Development: The state government commits to reimburse the cost of training 500 individuals (₹5,000 per person) for a duration of five years.
Stamp Duty and Registration Fee Exemptions: Exemptions will be granted for stamp duty and registration fees in various regions as per the Uttar Pradesh Industrial Investment and Employment Promotion Policy 2022.
Electricity Duty Exemption: Eligible companies will receive a 100% exemption from electricity duty for five years.
Effluent Treatment Plant Subsidy: There is a 50% subsidy available for the cost of setting up effluent treatment plants (up to ₹2.5 crore).
Housing/Dormitory Facility Subsidy: A 10% subsidy is offered for the cost of developing housing or dormitory facilities for workers within a 10-kilometer radius of the project (up to ₹10 crore).
Furthermore, the finance minister, Suresh Khanna, announced the reimbursement of benefits worth ₹1751 crore to Samsung India Electronics Private Limited in Greater Noida under the state government’s policy for mega projects. While the exact amount for LG India Electronics Private Limited was not specified, they will also receive reimbursement for incentives.
Samsung India has invested over ₹5000 crore to establish a mobile manufacturing unit with an annual capacity of 12 crore mobile sets. This initiative has generated direct employment for 10,000 people and boasts an annual turnover of ₹62,000 crore.
Lastly, the state cabinet has approved a proposal to provide two free refills of LPG cylinders (each 14.2 kg) to 1.75 crore beneficiary families enrolled in the Pradhan Mantri Ujjwala Yojana for the year 2023-2024. The first refill will be available between October and December 2023, with the second being provided between January and March 2024. Beneficiaries are required to update their Aadhaar information to access these benefits, and the subsidy for the free LPG cylinders will be directly transferred to their bank accounts, with an estimated expenditure of ₹2,312 crore on the scheme.
