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UPSIDA records historic performance in FY 2023-24, doubles operating revenue

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UPSIDA’s revenue surpasses Rs 1300 crore

UPSIDA records increased revenue with reduced administrative expenses

By Our Correspondent

Lucknow/Kanpur, May 3: Uttar Pradesh State Industrial Development Authority (UPSIDA) has made significant strides in realizing Chief Minister Yogi Adityanath’s vision of transforming Uttar Pradesh into an industrial powerhouse. In the financial year 2023-24, UPSIDA has achieved a remarkable feat, recording an operating revenue of Rs. 1359 crore. This achievement marks a doubling of revenue compared to the financial year 2018-19, indicating a robust trajectory towards industrial growth in the state.

While UPSIDA’s revenue surged due to intensified efforts for industrialization in Uttar Pradesh, the authority concurrently achieved a commendable 9 percent reduction in administrative expenses compared to the fiscal year 2018-19.

Moreover, UPSIDA’s strategic emphasis on bolstering infrastructure in industrial zones to attract investors resulted in a fourfold increase in infrastructure development expenditure. This allocation soared from Rs. 104 crore in FY 2017-18 to Rs. 415 crore in FY 2023-24.

Over 690 plots allotted in 2023-24

Mayur Maheshwari, the CEO of UPSIDA, said that the authority is always committed to expanding Uttar Pradesh’s industrial landscape. UPSIDA is also doing significant work in the area of land allocation. As a result, there has been an increase in land allocation, with 693 plots allocated just in 2023-24. This initiative has benefited investors on one hand and strengthened the authority’s financial position on the other.

In addition, UPSIDA has succeeded in gaining the trust of investors by transparently allocating land through e-auctions and Nivesh Mitra. As a result, a record number of more than 1600 plots have been allotted to investors in the last three years, helping Uttar Pradesh become the engine of industrial development of the country.

Development of entrepreneurship and women-centric facilities

Digitization has played a crucial role in the economic development of Uttar Pradesh. Through Nivesh Mitra, UPSIDA is currently providing 34 online e-services, which were only 2 before COVID-19. As a result, more than 31,000 applications have been disposed of with a satisfaction rate of 96 percent.

Additionally, to promote skill development and increase women’s participation in the workforce, the Authority has developed women centric facilities like Pink Toilets and Pink Dormitories under initiatives like Atal Industrial Infrastructure Mission (AIIM) and Secure Industrial Zone Projects. As a result of these efforts, there has been an increase in women’s participation and employment in industrial parks.

Furthermore, the authority has established a Citizen Facilitation Center to address the issues faced by investors and entrepreneurs. Through these centers, immediate and satisfactory solutions to questions related to various departments are being provided.

 

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