Uttar Pradesh moots Industrial Services Guarantee Act

uttarpradeshmapLucknow : For speedy clearance to industries, Uttar Pradesh will soon introduce an Industrial Services Guarantee Act with accountabilities and penalties, officials said Friday.

The draft of the Act is in an advanced stage and will be announced soon after clearance from the chief minister’s office.

A delegation of various Foreign Institutional Investors (FIIs) and venture capitalists from India and abroad met senior officials of the Uttar Pradesh government Thursday and was briefed about the Act.

Facilitated by Ambit Capital, the twenty-member group attended a comprehensive interactive session with officials of the Infrastructure and Industrial Development Department (IIDD) and Uttar Pradesh State Industrial Development Corporation (UPSIDC).

Sharing his experience in Lucknow, Jayant Krishna, principal consultant of Tata Consultancy Services, said that experience of TCS here had been extremely good and productivity figures of the unit in Lucknow matched the best of TCS centres elsewhere.

He said that not many people knew that the second largest plant of Tata Motors was in Lucknow.

Ambrish Bakaya, vice president of Samsung Electronics said, “In a welcome change from last regime, business climate in the state is rapidly changing as the senior officers of government are moving out and reaching out to industries to resolve their issues.”

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