UPSIDA revenue hits record Rs 1,359 cr in FY'24

Uttar Pradesh State Industrial Development Authority (UPSIDA) has recorded an operating revenue of Rs 1,359 crore in financial year 2023-24 -- the highest ever for the public sector undertaking in UP, according to an official release.

"This achievement marks a doubling of revenue compared to financial year 2018-19, indicating a robust trajectory towards industrial growth in the state," the government release said.

Kanpur-headquartered UPSIDA has made significant strides in realizing Chief Minister Yogi Adityanath's vision of transforming Uttar Pradesh into an industrial powerhouse, the statement said.

Moreover, UPSIDA's strategic emphasis on bolstering infrastructure in industrial zones to attract investors resulted in a fourfold increase in infrastructure development expenditure. This allocation soared from Rs 104 crore in FY 2017-18, to Rs 415 crore in FY 2023-24, it said.

UPSIDA's CEO Mayur Maheshwari said the authority is committed to expanding Uttar Pradesh's industrial landscape.

"UPSIDA is also doing significant work in the area of land allocation. As a result, there has been an increase in land allocation, with 693 plots allocated in 2023-24. This initiative has benefited investors on one hand and strengthened the authority's financial position on the other," he said.

In addition, UPSIDA has succeeded in gaining the trust of investors by transparently allocating land through e-auctions and Nivesh Mitra, the IAS officer said.