Cabinet nod to aqua-culture project with help of UAE firm

Time of India

3 days ago

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Lucknow: The state cabinet on Tuesday approved the policy initiative for setting up an aqua-culture project with the help of UAE's multinational company Aqua-bridge. The cabinet also green signalled an Agri-Export Hub with the help of Kolar (Karnataka) based Innova Food Park near Jewar airport in Gautam Budh Nagar.
Both the projects are part of the work plan of UP Agriculture Growth and Rural Enterprise Eco-system Strengthening (UP-AGREES) project which is being carried out with the help of World Bank in 28 UP districts — 21 in east UP and 7 in Bundelkhand.
The cabinet noted that aquaculture-based infrastructure will meet the needs of fish farmers of UP and the state will get opportunities for export of fisheries. The proposed investment of Rs 4,000 crore will establish a world-class training centre and a buy-back system for exporting fishery products to the Middle East and other countries.
Likewise, all types of test facilities of products will be available at Agri-Export Hub near Jewar airport and arrangements will be made to export agricultural/industrial products to the Middle East/Europe, Russia and other countries.
The twin projects will boost employment rate and income of farmers and fishing community.
Accordingly, both the companies will be provided a slew of incentives like 75% subsidy on front and lease rent. The company would be provided 60 acres of land for which 100% subsidy on stamp duty will be given. Also, no electricity charge will be levied for two years. At the same time, 75% subsidy on transportation cost for export from the airport will be provided.
The cabinet also approved the provision of capital subsidy to be paid in proportion to the investment made by the promoter (pari-passu). This will be at the rate of 25% of the investment made by the promoter.