UP, one of the largest states of India is taking big strides to become a one trillion-dollar economic powerhouse. To support this idea, the State cabinet has introduced a draft of the Nodal Investment Region for Manufacturing (Construction) Area Bill or NIRMAN 2024. As per the bill, Special Investment Regions (SIRs) will be developed across different geographical areas of the State. This initiative is expected to generate employment, promote ease of business and attract more investments in UP from the country and abroad.

Continue reading as this article unfolds the objective and framework of this visionary bill and traces the pathway of UP’s next phase of development.

UP NIRMAN Bill: Key highlights

UP NIRMAN Bill 2024 is expected to benefit the State's economy, employment sector and industrial efficiency. Here are the key highlights of the bill:

  • Four Special Investment Regions (SIRs) will be established, covering all four geographical areas of the state. These regions will mirror successful models in other states like Gujarat, Rajasthan, and Karnataka.
  • The State's available land bank of 20,000 acres will be strategically utilised to develop these investment regions.
  • The bill aims to attract major national and international investors.
  • It will also support Micro, Small, and Medium Enterprises (MSME) by providing a platform for them to showcase their abilities and products.

UP NIRMAN Bill: Objective and Framework

The objective of the UP NIRMAN Bill is to support the government's goal of making the state a one-trillion-dollar economy. Substantial industrial regions will be developed to encourage ease of doing business and foster economic growth.

Special Investment Regions (SIRs) are also on the cards to attract significant investments through cluster development. The success of these zones will define employment opportunities and promote industrial investment. Local authorities will also gain more control to streamline business options and resolve ground-level issues promptly.

Also read: Yamuna E-way Industrial Hub Development

Key benefits of dedicated Special Investment Regions (SIRs)

Cluster development: SIRs will promote the development of industrial clusters, which will increase the efficiency and productivity of businesses.

Employment generation: The creation of these regions is projected to generate numerous employment opportunities for the local population.

Infrastructure growth: Infrastructure structures, including convention centres and multipurpose halls, are planned in cities like Lucknow and Varanasi to support MSMEs and large-scale trade fairs.

In a nutshell, the introduction of the UP NIRMAN Bill is expected to catalyse extensive development across the State. It will not only support the development of new economic hubs but also attract international investment, generating more employment prospects. Overall, initiatives like UP NIRMAN Bill is set to keep up the economic development of the State in momentum.