Uttar Pradesh introduces a new FDI policy to attract overseas investors

On 31 October 2023, the Government of Uttar Pradesh introduced the new foreign direct investment policy to provide incentives to overseas investors, including exemptions in land acquisition, stamp duty, and capital investment. The policy will also allow area-specific exemptions in stamp duty and registration fees in line with the Uttar Pradesh Industrial Investment and Employment Promotion Policy-2022. Apart from the existing incentives, 100 per cent exemption will also be given in electricity duty for a period of five years. Under the new policy, the State Government will also reimburse the training cost for a maximum of 500 individuals, up to INR 25,000 (approximately $300) per person a month for a period of five years, adding that INR 15 crore (approximately $1.8 million) will be allocated as part of these incentives.

• Type:

  • Promotion and facilitation (Investment incentives)

• Industry:

  • Not industry specific

• Sources:

  • Government of UP , Government offers incentives to attract foreign investment, https://invest.up.gov.in/wp-content/uploads/2023/11/press-release-01112023-09.pdf, 01 Nov 2023
  • indianexpress, Uttar Pradesh Cabinet approves FDI policy with stamp duty, land exemptions, https://indianexpress.com/article/cities/lucknow/cabinet-approves-fdi-policy-with-stamp-duty-land-exemptions-9008338/, 01 Nov 2023
  • organiser, Uttar Pradesh government approves Foreign Direct Investment policy,offers several incentives...... Read more at: https://organiser.org/2023/11/01/204253/bharat/uttar-pradesh/uttar-pradesh-government-, https://organiser.org/2023/11/01/204253/bharat/uttar-pradesh/uttar-pradesh-government-approves-foreign-direct-investment-policyoffers-several-incentives/, 01 Nov 2023