In a significant move to boost logistics infrastructure, the Uttar Pradesh (UP) state cabinet has approved the Multi-Modal Logistics Park Policy-2024. This policy aims to promote the development of multi-modal logistics parks by offering substantial incentives to companies investing in this sector. The government will provide companies with upfront land subsidies, contributing 30% of the land cost, alongside various other concessions to ensure the success of logistics projects.
Officials have stated that companies establishing multi-modal logistics parks will be eligible for a range of benefits, including exemptions from stamp duties, power tariff reductions, and assistance in clearing regulatory approvals. The policy also emphasizes creating efficient transport hubs that can integrate different modes of transport like road, rail, air, and waterways, improving connectivity and reducing transportation costs across the state.
The new policy is expected to encourage private investment in the logistics sector, which will not only generate employment opportunities but also contribute to the state’s economic growth. By facilitating the creation of well-connected and efficient logistics hubs, the UP government aims to strengthen the state’s position as a key logistics and industrial hub in India.
