Lucknow, Apr 25 (KNN) Uttar Pradesh Government is planning to host a MSME Summit in the state considering the importance of the sector in UP’s economy and growth. During the summit CM Yogi Adityanath will promote his flagship ‘One District, One Product’ (ODOP) scheme.

ODOP scheme was launched in January 2018 and aims to promote traditional industries of the state.

The micro, small and medium enterprises (MSME) sector of the state contributes to 60% to its annual industrial output and employs 40 million people, generating direct economic activity worth Rs 1.2 trillion annually.

The state is home to over 5 million MSMEs and the sector is the second largest employer after agriculture.

According to a media report, UP MSME and export promotion minister Satyadev Pachauri has asked for constituting separate committees to leverage centrally sponsored MSME schemes and implementation of ODOP.

To attract new investors, the state government is also making efforts on the industrial land bank and taking a step towards it, the government has decided to impose penalty for industrial plots lying vacant with original allottees, if they had failed to set up units over the past 3 years. The reclaimed land would be allotted afresh to new investors.

The MSME ministry is working on the investment proposals worth over Rs 60 billion received during the Investors Summit held in February 2018.

Meanwhile, Pachauri has warned officials against laxity in ODOP scheme underlining it was an ambitious project of the government.