In a review meeting of the Uttar Pradesh Financial Corporation (UPFC), industries and infrastructure development minister Nand Gopal Gupta Nandi directed officials to streamline the loan distribution process and enhance transparency, time-bound execution, and investor-friendliness in financial assistance schemes to accelerate industrial growth in the state.
Key Directives for Loan Processing
Nandi emphasized that entrepreneurs should be able to access loans without procedural delays, and pending cases must be resolved swiftly to strengthen investor confidence. He instructed officials to maintain regular communication with borrowers and improve the efficiency of loan recovery mechanisms.
UPFC's Role in Investment Destination
Nandi highlighted that Uttar Pradesh has emerged as one of the country's leading investment destinations under Chief Minister Yogi Adityanath's leadership. He noted that UPFC plays a crucial role in promoting industrial expansion, local investment, and employment generation. The minister suggested revising the One Time Settlement (OTS) policy, if necessary, to make it more beneficial for industrial promoters seeking settlement of dues.
Inclusion of Power and Industrial Authorities
Additional chief secretary (industrial development) Alok Kumar directed officials to prepare a proposal to include representatives from Uttar Pradesh Power Corporation Limited (UPPCL) and Uttar Pradesh State Industrial Development Authority (UPSIDA) in the OTS framework. Officials stated that this move could help address issues related to electricity dues and industrial land liabilities. Involving these representatives would ensure that buyers of UPFC assets are not burdened with liabilities linked to industrial plots or electricity dues.
Financial Performance and Recovery
The UPFC managing director reported that the corporation has disbursed Rs 3,249 crore in long-term loans to nearly 41,358 industrial units, of which over Rs 2,900 crore has already been recovered. Over the past three years, 119 cases have been settled, leading to liquidation of Rs 128 crore, according to officials.
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About the Author: Shailvee Sharda, a journalist with the Times of India since August 2004, writes on Health, Culture, and Politics. Having covered the length and breadth of UP, she brings stories that define elements like human survival and its struggle, faiths, perceptions, and thought processes that govern decision-making in everyday life, during big events such as elections, tangible and non-tangible cultural legacy, and the cost and economics of well-being. She keenly follows stories that celebrate hope and life in general.
