Is Picup's investment to merge

The Government of Uttar Pradesh is considering a proposal to merge Picup (State Industrial and Investment Corporation) with Invest UP to provide one -point connection for investors. The step is part of its biggest change in the view of the allegations of corruption against the former CEO of Invest Up. Picup was founded in 1972 as a state government business under the Companies Act 1956, which aims to provide long -term loans to medium and large industries for the industrialization of the state. Now, the need to merge it with Invest Up is felt, founded about five years ago, whose sole purpose was to pursue Uttar Pradesh as the most preferred destination for investors, at a time when efforts are being made to make the state’s economy a trillion economy by 2029. Although the new draft policy has been recommended to give a new look to invest, but this structural integration will have to pass before it is implemented. According to senior state government officials who are reviewing the new draft policy, the argument behind this merger is that the government wants to create an integrated policy distribution agency and promoting it, except to reduce the administrative burden and costs. Share this story -tags