Uttar Pradesh State Industrial Development Authority revenue hits record Rs 1,359 cr in FY24

Industrial Development In UP: The Uttar Pradesh State Industrial Development Authority (UPSIDA) has achieved a significant milestone by recording an operating revenue of Rs 1,359 crore in the financial year 2023-24, marking the highest-ever revenue for the public sector undertaking in the state, as per an official release.

As per a government release, this growth represents a doubling of revenue compared to the financial year 2018-19, signaling a robust trajectory towards industrial growth in Uttar Pradesh. Based in Kanpur, UPSIDA has played a pivotal role in realising Chief Minister Yogi Adityanath's vision of transforming the state into an industrial powerhouse.

The statement further highlights UPSIDA's strategic focus on enhancing infrastructure in industrial zones to attract investors, resulting in a significant fourfold increase in infrastructure development expenditure. From Rs 104 crore in FY 2017-18, the allocation soared to Rs 415 crore in FY 2023-24.

Speedy land allocation 

Commenting on the growth, UPSIDA CEO Mayur Maheshwari reiterated his commitment to expanding Uttar Pradesh's industrial landscape, citing significant progress in land allocation efforts.  With 693 plots allocated in the fiscal year 2023-24, UPSIDA has facilitated investor benefits while fortifying its financial position, Maheshwari added. Besides, UPSIDA's transparent land allocation practices, conducted through e-auctions and Nivesh Mitra, have garnered trust among investors. 

Over the past three years, a record number of more than 1,600 plots have been allotted, positioning Uttar Pradesh as a key driver of industrial development in the country. Maheshwari emphasized the role of digitisation in Uttar Pradesh's economic development, highlighting UPSIDA's provision of 34 online e-services through Nivesh Mitra, significantly enhancing efficiency and accessibility, especially during the COVID-19.

Skill Development 

To promote skill development and enhance women's participation in the workforce, UPSIDA has implemented women-centric facilities such as Pink Toilets and Pink Dormitories under initiatives like Atal Industrial Infrastructure Mission (AIIM) and Secure Industrial Zone Projects. 

These efforts have resulted in increased women's participation and employment in industrial parks.  UPSIDA has also established citizen-facilitation centers to address investor and entrepreneur queries promptly, offering immediate and satisfactory solutions related to various departments.

Through its continuing efforts and strategic initiatives, UPSIDA continues to drive industrial growth and economic prosperity in Uttar Pradesh, positioning the state as a preferred destination for investors and entrepreneurs alike.

(With PTI inputs)