Centre approves financial assistance for 16 projects of PM Gati Shakti Plan in UP

The centre on Thursday approved assistance of more than Rs 1,000 crore for Uttar Pradesh for 16 projects under its Special Assistance to States for Capital Expenditure scheme introduced last year to help states with resources for capital investment and projects under PM Gati Shakti Plan, in the wake of Covid-19.

The decision was taken at a meeting of the screening committee on Annual Action Plan organised by the Department for Promotion of Industry and Internal Trade (DPIIT) under the chairmanship of Amrit Lal Meena, special secretary, logistics, union department of commerce and industry.

16 projects under the Gorakhpur Industrial Development Authority (GIDA), Noida, Yamuna Expressway Industrial Development Authority (YEIDA) and Greater Noida Industrial Development Authority (GNIDA) will be provided central financial assistance under the scheme.

Total project cost of the projects which includes an industrial corridor in Gorakhpur, development of industrial parks along the Yamuna Expressway in addition to toy parks, apparel parks, MSME parks there, etc., as well as development of industrial parks in Greater Noida, among other projects, is Rs 4559.83 crore, out of which the government has approved required assistance of Rs 1068.79 crore for the fiscal year 2022-23. The projects are expected to be completed between 2023 and 2026.

Under the scheme the gives 50-year interest free loans to states for capital investment projects over and above normal borrowings of states, to help them catalyse capital investments, especially under PM Gati Shakti Plan, PM Gram Sadak Yojana among others.

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