CM Yogi's Action Plan as Firms Begin to Shift Base from China Post Covid-19; May Tweak UP Labour Law

CM Yogi's Action Plan as Firms Begin to Shift Base from China Post Covid-19; May Tweak UP Labour Law

Lucknow: Aiming to attract foreign firms to set up their businesses in the state, the Uttar Pradesh government is likely to tweak the labour laws. A key meeting of senior ministers in this regard is expected to be held on May 1.

State MSME Minister Siddharth Nath Singh informed media on Wednesday that soon he will be meeting Industries Minister Satish Mahana and Labour Minister Swami Prasad Maurya to discuss the roadmap in attracting more industries to the state. Also, changing of some existing labour laws might be discussed in the meeting.

Speaking to media, Singh said, “Our CM wants to work towards attracting more foreign companies to the state as many industries are now mulling to move out of China after the coronavirus spread. We are holding a key meeting on May 1 and the issue will be discussed with concerned senior ministers of the state.”

The MSME Minister is also expected to hold video conferencing with post holders at PHD Chambers of Commerce on May 1 and is expected to discuss the roadmap on revival of the MSME sector which is badly hit in the lockdown due the Corona Virus spread.

Earlier on Tuesday, a webinar was also organised in which more than 100 companies which were based in United States participated and some of them even showed keen interest in bringing their businesses to Uttar Pradesh. However sources suggest that companies wanted some relaxation in existing labour laws so that they can expand their businesses to the state.

The Uttar Pradesh has already been putting all efforts to attract such investors to the state, which would help in reviving the pandemic-hit economy. Uttar Pradesh government is also formulating and altering some its policies to woo investors to relocate to the state. The basic idea to attract investors pulling out of China was floated by Uttar Pradesh Chief Minister Yogi Adityanath during a high-level key meeting held in presence of MSME Minister Sidharth Nath Singh and Industrial Development Minister Satish Mahana recently.

At present, companies from Japan, United States, Korea and other European nations with huge investment in China are mulling to move out after the Covid-19 pandemic. Meanwhile, Japan has already started wooing these investors by announcing economic package for the companies moving out of China. According to sources, Uttar Pradesh government is eyeing on food processing industry which was in abundance in Wuhan province of China before the coronavirus outbreak.