Uttar Pradesh (UP) State Government has approved the Uttar Pradesh Nodal Investment Region for Manufacturing (Construction) Area Bill (NIRMAN) 2024. Spearheaded by Chief Minister Yogi Adityanath, this initiative is part of a comprehensive strategy aimed at propelling the state’s economy towards the one trillion dollar milestone.
Objective and Structure of NIRMAN BILL
The NIRMAN-2024 bill outlines the establishment of Special Investment Regions (SIRs) across Uttar Pradesh, strategically distributed across the state’s four geographical zones. These SIRs will serve as clusters for major investments, decentralizing decision-making to empower regional authorities and streamline business operations.
Strategic Development and Economic Impact
Under NIRMAN 2024, approximately 20,000 acres of land from UP’s land bank will be allocated for these SIRs. Notably, the Bundelkhand Industrial Development Authority has earmarked a substantial 5,000-hectare area to facilitate large-scale industrial and business activities. This move is expected to accelerate economic growth, provide legal protections for investment zones, simplify business procedures, and generate significant employment opportunities.
Attracting Investments
Inspired by successful models from states like Gujarat, Rajasthan, and Karnataka, UP aims to enhance its existing frameworks to attract domestic and international investments. This includes optimizing infrastructure and regulatory environments to foster a conducive business climate.
Further Developments
In conjunction with the NIRMAN 2024 bill, a Memorandum of Understanding was signed between the India Trade Promotion Organization (ITPO) and Micro, Small, and Medium Enterprises (MSMEs) to bolster the business ecosystem. Additionally, large-scale convention centers are being constructed in Lucknow and Varanasi to promote local MSMEs and boost regional economic output. The reinstatement of over 2,200 secondary school teachers, whose contracts had been affected by a Supreme Court ruling, underscores efforts to address educational challenges and ensure continuity in teaching.