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On July 2, 2024, the Uttar Pradesh government approved the draft of the Uttar Pradesh Nodal Investment Region for Manufacturing (Construction) Area Bill (NIRMAN)-2024. This bill aims to boost the state's economy to one trillion dollars.
A senior official stated that the draft of the Special Investment Region (SIR) Bill was approved during a cabinet meeting led by Chief Minister Yogi Adityanath at Lok Bhavan.
According to him, this bill will attract major investors from throughout the nation and the globe to come to UP.
Additionally, the official said that the draft bill calls for the creation of at least four SIRs in UP, one for each of the state's four regions. He stated that the state possesses a land bank spanning approximately 20,000 acres.
How will NIRMAN Bill be Implemented?
Special Investment Regions (SIRs) will be established across Uttar Pradesh by the NIRMAN-2024 bill.
- The plan is to evenly distribute these SIRs across the state’s four geographical zones.
- Cluster regions for large investments are being developed to create these SIRs.
- The goal is to delegate power from the state government to regional officials to facilitate easier business operations.
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What are SIRs?
Special Investment Regions (SIRs) are significant zones designed for major investments where cluster development occurs. These regions are specifically designated to foster industrial and commercial activities.
One of the key features of SIRs is the decentralization of power, which involves transferring authority from the state government and other departments to regional or local authorities.
Three states currently have this type of Act in place: Gujarat, Rajasthan, and Karnataka. With the introduction of the NIRMAN-2024 bill, Uttar Pradesh will become the fourth state to implement such a law.
Which Land will come under SIRs?
Under the NIRMAN-2024 plan, Uttar Pradesh aims to use approximately 20,000 acres from its land bank to develop these Special Investment Regions (SIRs).
For instance, the Bundelkhand Industrial Development Authority has allocated a vast 5,000-hectare area to facilitate major business and industrial activities.
This initiative is expected to accelerate economic growth, legally protect investment zones, simplify business operations, and create numerous job opportunities for local residents.
Other Initiatives Taken by UP Government
- The India Trade Promotion Organization (ITPO) and Micro, Small, and Medium Enterprises (MSME) signed a Memorandum of Understanding (MoU) along with the NIRMAN-2024 bill to enhance the business environment.
- New large convention centers are under construction in Lucknow and Varanasi to increase visibility for MSMEs and stimulate local production.
The goal is to create a conducive environment for business growth and development through these initiatives.
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