Lucknow, Aug 17 (KNN) To attract more investments in the defence and aerospace manufacturing sector in the state, the Uttar Pradesh government on Tuesday approved the Uttar Pradesh Defence and Aerospace Unit and Employment Promotion Policy-2022.

The new policy will aim at providing higher incentives to investors setting up their units in the defence and aerospace manufacturing sector in UP’s Defence Industrial Corridor.

Energy minister AK Sharma said the cabinet decided to amend the policy formulated in 2018 to provide incentives up to a maximum of Rs 500 crore (against the existing Rs 15 crore) to attract large investments.

“The new policy provides for a capital subsidy of 7 per cent or a maximum of Rs 500 crore in non-Bundelkhand region and 10 per cent or a maximum of Rs 500 crore in the Bundelkhand region of the state,” he said.

Awanish Kumar Awasthi, UPEIDA chief executive officer said chief minister Yogi Adityanath had asked for reviewing all sectoral policies keeping in view the proposed Global Investors Summit-2023 that envisages to attract investment of Rs 10 lakh crore.

The state government has so far been able to attract investments worth Rs 2,800 crore to Rs 3,000 in the defence and aerospace manufacturing sector against a set target of Rs10,000 crore. This initiative by the Uttar Pradesh government is a step forward in its dream to have a trillion-dollar economy.

Chief minister Yogi Adityanath presided over the meeting of the state cabinet that approved the policy.  (KNN Bureau)