Uttar Pradesh revamps Udyog Bandhu to attract funds

LUCKNOW: In order to have a more proactive approach in seeking investments for the state, the Akhilesh Yadav government has revamped the Udyog Bandhu, making it the nodal centre for industrialists seeking to set up projects in Uttar Pradesh. The Udyog Bandhu has been mandated to prepare a comprehensive strategy, seek consultancy from private players, and organise events to attract more investments.

Udyog Bandhu would also organise roadshows in India and abroad to highlight the benefits of investing in the state and various policy incentives of the government.

The Udyog Bandhu will have a three tier structure with the chief minister heading the apex high-level committee for big-ticket investments. The chief secretary would head a separate state-level committee and the executive director of Udyog Bandhu would chair a committee for other projects. The decision regarding this was taken at a Cabinet meeting on Tuesday.

The Cabinet also decided to amend the UP Motor Vehicle Act 1998 for allowing radio taxi services in the state. Such a taxi service would be available for 24 hours and charges would be according to actual distance covered.

The government has also slashed VAT on cigarettes and cigars from existing 50%to 25%. For reducing VAT, cigarettes and cigars have been put in Schedule-4 of the UP Value Added Tax (VAT) Act 2008.