IIA Welcomes Uttar Pradesh State Budget FY25

On February 5, 2024, the 2024-25 Uttar Pradesh Budget is presented by Shri Suresh Khanna, Finance Minister, Government of Uttar Pradesh.

National President of IIA Mr. Neeraj Singhal took feedback about the budget from the Chairmen and Senior Officials of all the IIA chapters, based on which Mr. Singhal said that overall this budget is development-oriented, which will undoubtedly pave the way for Uttar Pradesh to reach the top industrial state in the country. Although no direct provision has been made in the budget for the development and promotion of 96 lakh Micro, Small and Medium units located in the state, but the way the budget has made provisions for Road Construction &maintenance, Housing and Urban Planning, Rural Development, Development of Air Ports, Energy and Urban Development, it will definitely benefit the Micro, Small and Medium industries of the state indirectly. Welcoming the Government's announcement of formation of Bundelkhand Industrial Development Authority, Shri Singhal said that this will lead to overall development of the state. However, Mr. Singhal said that in all the new industrial areas which the government is developing, transparency should be maintained in the allotment of land to Micro, Small and Medium entrepreneurs so that corrupt officials cannot misuse the loopholes in the process. It is also necessary that the land currently given on lease hold to industries should be converted to freehold and for setting up industries in new industrial areas, the land should be given freehold only.

Shri Dinesh Goyal, Senior Vice President, IIA, while welcoming the presentation of the biggest budget till date by the Finance Minister, said that the way the Government has planned to spend about Rs 14000 crore on the development and maintenance of roads and about Rs 2400 crore on airports, it will make transportation easier and goods from industries will be able to reach their destination on time. It would have been better if Uttar Pradesh, being a landlocked state, had also made a provision in the budget for freight incentives for exports, said Shri Goyal.

Shri Alok Aggarwal, General Secretary, IIA, while giving his reaction on the budget, said that we welcome the efforts of the state government for the development of solar energy, under which a target of 22000 MW has been set for the next 5 years. Indian Industries Association has also taken initiative in this direction, under which IIA will develop green and clean industrial areas in collaboration with the government. In this direction, Green Energy Business Conclave is also being organized by IIA in Lucknow on March 1, 2024. Although a provision of Rs 300 crore has been made in the budget for financial incentives to food processing units, but in this largest agriculture based state in the country, there is a need to make a provision of at least Rs 1000 crore, which will not only bring industrial development in the state but also result in the increase in the income of farmers, Mr. Aggarwal said.

Shri Awadhesh Aggarwal, National Treasurer IIA said that in view of the traffic jam in the cities of the state, although metro rail is being developed, there is a need to enhance these efforts. A provision of Rs 346 crore and Rs 395 crore has been made in the budget for the development of metro rail in Agra and Kanpur cities respectively, but there is no provision for Lucknow, whereas Lucknow too has a serious problem of traffic jam.