First Phase of Smart City Development in Uttar Pradesh Nearly Sold Out
Commerce and Industry Minister Piyush Goyal revealed that the first phase of smart city development in Uttar Pradesh is nearly sold out, with discussions underway for the next phase. Addressing the attendees at the UP International Trade Show, Minister Goyal expressed his satisfaction with the rapid progress of the state’s smart city initiatives.
Major Investment in Industrial Smart Cities in Uttar Pradesh
In a significant move, the Union Cabinet recently approved the establishment of 12 industrial smart cities in Uttar Pradesh, including Agra and Prayagraj. These cities will benefit from a total investment of Rs 286.02 billion, creating exceptional economic prospects and increasing employment opportunities. The project is anticipated to generate 1 million direct jobs and up to 3 million indirect jobs, showcasing immense growth potential with a total investment of Rs 1.5 trillion.
Impressive Rise in India’s Intellectual Property Rights IPR Regime
Minister Goyal also highlighted the remarkable progress made in India’s intellectual property rights (IPR) regime. He informed that the number of patents issued has dramatically increased from 6,000 in 2014 to an astounding 100,000 in 2024. As a testament to this achievement, India now ranks 39th among 133 countries in the Global Innovation Index 2024, which was released by the World Intellectual Property Organization. Minister Goyal stated, “We have transformed into a globally recognized innovation economy. The R&D and innovation community have acknowledged the significant evolution of our IPR framework.”
Boosting Local Industries and Reducing Dependence on Imports
Emphasizing the importance of supporting local industries, Minister Goyal called for increased utilization of Indian-made products to reduce dependence on imported goods. He identified key sectors, such as semiconductor manufacturing, electronics, high-quality electric mobility, and construction machinery, as crucial areas poised for growth. By promoting domestic industries, the aim is to bolster the Indian economy and ensure stability in the face of global uncertainties.
Government Initiatives to Streamline Regulations and Enhance Ease of Doing Business
Minister Goyal shed light on the efforts made by the Department for Promotion of Industry and Internal Trade’s (DPIIT) to streamline regulations and improve the ease of doing business. He shared insights about the Jan Vishwas 2.0 initiative, an ongoing endeavor to simplify nearly 100 rules and regulations across various government departments. The Jan Vishwas Amendment of Provisions Act, 2023, played a crucial role in decriminalizing minor offenses across 42 Central Acts and eliminating 183 criminal provisions across 19 Ministries. This shift introduced civil penalties and administrative actions for minor lapses, promoting investor confidence and removing apprehension regarding criminal penalties. The Joint Parliamentary Committee overseeing the Jan Vishwas Bill has recommended extending these reforms to additional legislation, showcasing the government’s commitment to modernizing India’s regulatory framework and improving the business environment.
In conclusion, Minister Goyal’s announcement of the first phase of smart city development being nearly sold out in Uttar Pradesh signifies an exciting milestone in the state’s progress. Additionally, the approval of industrial smart cities and substantial investments in the region will undoubtedly bolster the economy. The rise in India’s intellectual property rights regime and efforts to support local industries further propel the nation towards becoming a globally recognized innovation hub. The government’s initiatives, including the Jan Vishwas 2.0 project, demonstrate a steadfast commitment to ease of doing business and promote a business-friendly environment. These decisive measures taken by the government will undeniably leave a lasting positive impact on the Indian economy and inspire continued growth and development in the years to come.
