UP Nirman Bill-2024 draft has been approved by the state cabinet.
To make Uttar Pradesh’s economy 1 trillion, the state government passed the draft of the Uttar Pradesh Nodal Investment Region for Manufacturing (Construction) Area Bill (NIRMAN)-2024.
This bill proposed to make a Special Investment Region (SIR). Four SIRs will be created in the four geographical areas of the state.
SIR are the investment regions where cluster development takes place and the power vested in the state government or other departments is decentralised at the authority level.
This step of the state government will promote the ease of doing business, and economic development will gain momentum.
It will also help in creating new employment opportunities in the state.
Uttar Pradesh has become the fourth state to propose such a law. Gujarat, Rajasthan and Karnataka have already such laws.
For the favourable environment for industrial investment in the state, the proposal for signing a Memorandum of Understanding (MoU) between the India Trade Promotion Organization (ITPO) was also approved by the cabinet.
