UP Approves Industrial Parks in Saharanpur and Moradabad

27 Nov 2024 CW Team

The Uttar Pradesh government approved two new private industrial parks under the PLEDGE scheme. These parks, located in Saharanpur and Moradabad, are expected to provide a significant boost to the state’s MSME sector by supporting local industries and generating new employment opportunities.

The PLEDGE scheme, launched in January 2023, supports investors by offering a loan of Rs 50 lakh per acre of land at a fixed 1% interest rate. Investors are responsible for developing the internal infrastructure and marketing the industrial plots. They repay the loan through the sale of plots, which also allows reinvestment in the park’s development.

These two new parks bring the total number of private industrial parks in Uttar Pradesh to 13. While the parks in Jhansi and Hapur are operational, others in cities like Kanpur, Baghpat, Barabanki, Bareilly, and Ghaziabad are in development. The establishment of private industrial parks is seen as a vital step towards meeting the state's goal of a one trillion-dollar economy by accelerating industrial growth and promoting MSME development.

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