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The Uttar Pradesh government is offering incentives as 70 additional industrial units express interest in acquiring plots within the Apparel Park Cluster, developed by the Yamuna Expressway Industrial Development Authority (YEIDA) in Noida. This request supplements the 81 plots already allocated by the agency out of 89 available. To encourage industrial growth, YEIDA has proposed raising the floor area ratio (FAR) for industrial plots from 1.5 to 2.0, a move likely to receive government approval soon. The ground coverage for these plots will also increase to 60%. The Apparel Park, situated on 175 acres in Sector 29 of Noida, is YEIDA's inaugural industrial cluster.
According to an official statement, of the 89 plots, 81 have already been assigned, with lease plans and checklists issued for 64 of them. Physical possession documents have been distributed for 39 of these plots. YEIDA is actively developing the surrounding area to enhance connectivity and provide facilities for investors, including a convention centre, exhibition centre, and dedicated cargo facilities. Additionally, a dedicated cargo facility is planned at the under-construction Noida International Airport in Jewar. This strategic move is expected to lower cargo transportation costs, particularly for the textile industry, which currently accounts for approximately 37% of the cargo. Notably, Uttar Pradesh imposes only a 1% VAT on fuel, contributing to cost savings.
Arunveer Singh, CEO of YEIDA, has shared that the National Highway Authority of India (NHAI) has initiated work to connect the Apparel Park with the Delhi-Noida Expressway. Furthermore, a study on a Rapid Rail NCRTC (National Capital Region Transport Corporation) project has commenced within the authority's jurisdiction. Excitingly, this area will host India's first and the world's sixth pod taxi system, for which the authority has issued an international tender.
This development signifies the growing interest of industries in the Apparel Park Cluster, indicating the region's potential for industrial growth and investment. As industries seek expansion opportunities, the increased FAR and ground coverage could provide an attractive proposition. Additionally, the strategic location near the Noida International Airport will facilitate efficient cargo transportation and contribute to the growth of the textile industry.
The expansion of industrial clusters and parks is a common strategy employed by states to attract investment, generate employment, and boost economic growth. By enhancing infrastructure, connectivity, and offering incentives, governments aim to create favourable conditions for businesses to thrive. This aligns with the broader goal of promoting industrialization and manufacturing, which can have cascading effects on the local and national economy.
In Uttar Pradesh, initiatives like these are essential for harnessing the state's economic potential and creating opportunities for both businesses and job seekers. The government's commitment to streamlining processes, improving infrastructure, and attracting investment is evident in its efforts to expand industrial clusters like the Apparel Park. As the region continues to develop and industrialize, it is poised to become a significant contributor to Uttar Pradesh's economic prosperity.
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