The Uttar Pradesh defence corridor, which constitutes a vital cog in the country’s defence and strategic matrix, has been so far successful in attracting investments worth more than Rs 11,250 crore.
As per reports, the state government has so far bagged 93 investments proposal and the process of attracting more defence companies is underway.
The state government, thus far has acquired 1,600 hectares and about 30 companies have been allocated land for setting up their plants as part of the corridor.
Speaking on the steps being taken by the state government to attract investments to the state, UPEIDA spokesperson Durgesh Upadhaya, said “Apart from the previously announced UP Defence and Aerospace Employment Promotion Policy, the state has made a few amendments to encourage private investment.”
“The Uttar Pradesh government has tied up with leading commercial banks and financial institutions to promote the easy flow of funds to prospective investors, “he said.
With the establishment of the defence corridor, Uttar Pradesh is set to generate employment opportunities for more than 32 lakh people.
Among the most prominent UP Defence Corridor projects is the Indo-Russian joint venture of BrahMos missile project in Lucknow. This is to develop next-generation supersonic missiles for the Indian forces. According to the state government, the Brahmos unit will be commissioned by 2025. The Rs 300-crore BrahMos project will generate 5,500 fresh jobs.
Meanwhile, the Adani group firm, the Adani Defence & Aerospace has signed an MoU with UPEIDA to develop South Asia’s largest integrated ammunition manufacturing facility in 250 acres at a cost of Rs 1,500 crore.The project is anticipated to be a key facilitator in India’s goal of achieving USD 5 billion exports in defence manufacturing.
