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UP introduces a MoU Monitoring Mechanism for efficient implementation of investment proposals

Principal secretary, Industries and infrastructure development, UP, Alok Kumar told ET that there are two key changes that will be brought about with the introduction of this mechanism- firstly, all interested investors will have one dedicated officer to reach out to and secondly, the concerned department will have to take ownership which will help in fixing accountability.

, ET Bureau|
Last Updated: Jun 04, 2020, 10.47 PM IST
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The state will be launching a new MoU tracking portal that will be integrated with its single window system Nivesh Mitra.
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Uttar Pradesh has introduced a Memorandum of Understanding (MoU) Monitoring Mechanism in a move that aims at better implementation of investment proposals through handholding interested investors and better tracking of the MoUs signed.
For this , the state will be launching a new MoU tracking portal that will be integrated with its single window system Nivesh Mitra. Besides, all concerned departments will have to assign nodal officers for implementation of the MoUs and multi -level review meetings will be held by the MoU department every month. The directions were issued by a government order passed by the chief secretary RK Tiwari on Thursday.

Principal secretary, Industries and infrastructure development, UP, Alok Kumar told ET that there are two key changes that will be brought about with the introduction of this mechanism- firstly, all interested investors will have one dedicated officer to reach out to and secondly, the concerned department will have to take ownership which will help in fixing accountability.

The Yogi Adityanath government in UP has held two investor summits during a rule of more than 3 years. 371 out of 1045 MoUs signed during the Investors Summit 2018 have been under various stages of implementation and until March 17, 2020, 106 out of these have started commercial production, according to information shared by the commissioner of Industries and Infrastructure Development Alok Tandon.

"Yet it was felt that a better and more efficient mechanism was required to ensure speedy execution of investment projects in view of the interest shown by new national and international investors," Tandon said.

As part of the mechanism, review meetings of MoUs with investment proposals of more than Rs 2,000 crore of agriculture and allied sectors will be presided over by the commissioner of agriculture production whereas proposals greater than Rs 2,000 crore for other departments will be chaired by the IIDC.

Similarly, review meetings with MoUs of investment amount between Rs 500 crore and Rs 2,000 crore will be presided over by the additional chief secretary or principal secretary or secretary of the department which the MoU concerns. All proposals below Rs 500 crore will be reviewed by divisional commissioners.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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