Lucknow: Hinting at allowing industrial activities in Green Zone areas in the state, Uttar Pradesh Finance Minister Suresh Khanna on Friday said that the state government, despite having faced huge revenue losses during the beginning of Financial Year 2020-21, will continue to work for the welfare of the people.
Speaking to reporters, Khanna said that there was a huge decline in state's revenue in the first month financial year 2020-21. "There has been a drastic decline in GST, VAT and Excise revenues. There is loss of revenue in all departments of the state government including registration, transportation, etc.," he said.
"In the month of April, against the target of 19,178 crore revenue, only 281.12 crore revenue was received. Despite huge losses, the government gave salaries to 16 lakh employees on time," he added.
More than 100 US-based companies participated in a webinar organised by the state government on Tuesday, and some showed keen interest in bringing their businesses to the state.
However, sources suggest the companies wanted some relaxation in the existing labour laws so they can expand their businesses and the state government is mulling to relax some rules in order to attract these firms.
The government has been putting in all efforts to attract investors to the state, in order to revive the pandemic-hit economy. It 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 recently during a high-level key meeting held in presence of MSME Minister Sidharth Nath Singh and Industrial Development Minister Satish Mahana.