UPSIDA's Revenue Skyrockets to Record-Breaking Rs 1,359 Crore in FY'24

This allocation soared from Rs 104 crore in FY 2017-18, to Rs 415 crore in FY 2023-24, it said.UPSIDAs CEO Mayur Maheshwari said the authority is committed to expanding Uttar Pradeshs 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 in 2023-24.

Uttar Pradesh State Industrial Development Authority (UPSIDA) has recorded an operating revenue of Rs 1,359 crore in financial year 2023-24 -- the highest ever for the public sector undertaking in UP, according to an official release.

''This achievement marks a doubling of revenue compared to financial year 2018-19, indicating a robust trajectory towards industrial growth in the state,'' the government release said.

Kanpur-headquartered UPSIDA has made significant strides in realizing Chief Minister Yogi Adityanath's vision of transforming Uttar Pradesh into an industrial powerhouse, the statement said.

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, it said.

UPSIDA's CEO Mayur Maheshwari said the authority is 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 in 2023-24. This initiative has benefited investors on one hand and strengthened the authority's financial position on the other,'' he said.

In addition, UPSIDA has succeeded in gaining the trust of investors by transparently allocating land through e-auctions and Nivesh Mitra, the IAS officer said.

''As a result, a record number, more than 1,600 plots, have been allotted to investors in the last three years, helping Uttar Pradesh become the engine of industrial development of the country,'' he added.

Maheshwari further said digitization has played a crucial role in the economic development of UP and through Nivesh Mitra, UPSIDA is currently providing 34 online e-services, which were only two before COVID-19.

''As a result, more than 31,000 applications have been disposed of with a satisfaction rate of 96 per cent,'' he noted.

Additionally, to promote skill development and increase women's participation in the workforce, UPSIDA 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, he pointed out.

Furthermore, he said the authority has established a citizen-facilitation centre to address the issues faced by investors and entrepreneurs.

Through these centres, immediate and satisfactory solutions to questions related to various departments are being provided, Maheshwari added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)