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UP Cabinet Approves Logistics Policy To Attract Big Investment To The State
The policy has been introduced with the objective of developing a logistics ecosystem that can help in creating a business atmosphere of international level in the state. This will enable ease of business in the state and help it to achieve its goal of $ One trillion economy in five years
Photo Credit : UP Information Dept
Chief Minister Yogi Adityanath presiding over the cabinet meeting
The Uttar Pradesh cabinet approved the ‘Uttar Pradesh Warehousing and Logistics Policy-2022’ after a cabinet meeting on Thursday. The state chief minister Yogi Adityanath presided over the meeting of the Uttar Pradesh cabinet that approved the policy.
According to the official information, The policy has been introduced with the objective of developing a logistics ecosystem that can help in creating a business atmosphere of international level in the state. This will enable ease of business in the state and help it to achieve its goal of $ One trillion economy in five years.
The new policy will also facilitate infrastructure support. It proposes to create a network of transport infrastructure, reduce the cost of logistics, upgradation of present warehousing and bring about efficiency in logistics services. It also aims at attracting private sector investment for development of logistics facilities in the state.
It may be recalled that the policy comes ahead of the forthcoming Uttar Pradesh Global Investors Summit - 2023 (UPGIS), scheduled to be organised in the state capital from 10 February 2023 to 12 February 2023. The three day mega event is expected to attract an investment amounting to Rs 10 lakh crore to the state.
The new policy would remain effective for five years. The notification for the new policy would end the logistics policy formulated in 2018. The benefits given to various projects under the 2018 policy would, however, remain in force.
Salient features of the new policy
The new policy provides for fast-track allotment of land for Logistics Park and has provisions of incentives for development of logistics regions. There would also be incentives for development of storage facilities, cold chains, multi-modal parks, container depot and container freight stations.
The projects covered under the policy would be given a front and backend subsidy with exemptions in stamp duty, concession in land use change charges and exemptions in development fee.
The projects would be entitled to rebates before their commercial operations. Under no circumstances, the benefits would not exceed the total capital investment made in the project.