UP prepares to finalize new industrial policy

Lucknow, June 8 (IANS) The Uttar Pradesh government will engage with industrial and business bodies June 11-13 to frame the new Infrastructure, Industry and Service Sector Investment Policy for 2012.

Officials said the draft of the proposed policy has been in public domain for some time. Suggestions had been invited from all stakeholders.

Sanjay Prasad, member secretary of the Steering Committee constituted for this purpose, will meet the industry and other associations.

The new policy is expected to be ready by August.

K.R. Sharma, special secretary for industrial development, said numerous suggestions from associations, individuals and departments had been received and compiled.

Sharma said that in order to unlock the immense potential of industrial development in Uttar Pradesh, development of reliable infrastructure was imperative.

It requires a long-term alliance between the public and private sectors as large-scale investments and operational expertise have to come from the private sector.

The proposed policy promises to not only foreign direct investment but to initiate bold steps to boost small industries along with revival of sick industrial units.

It also aims to achieve 10 percent industrial growth.