The Uttar Pradesh government has announced that under the Uttar Pradesh Industrial Investment Policy, it will reimburse Rs 146 crore to eight megaprojects. Jaypee Cement Aligarh, RCCPL Pvt Ltd, Rae Bareli, and Gallantt Ispat Ltd, Gorakhpur are among the projects. 

Rationale 

The move by the government is intended to speed up the implementation of the megaprojects that were agreed upon during the Global Investors Summit 2023 in Lucknow in February. The reimbursement process was decided at a meeting presided over by Infrastructure and Industrial Development Commissioner (IIDC) Manoj Kumar. 

Incentives 

A total incentive payment of Rs 21.85 crore for the fiscal year 2020–21 and Rs 12.52 crore for the fiscal year 2021–2022 will also be reimbursed to JK Cement Works, Aligarh (a division of JK Cement Ltd). 

The Meerut-based Paswara Papers Ltd. will receive an incentive payment of Rs. 12.65 crore. The government would be receiving Rs 1.63 crore as SGST reimbursement of Rs 11.02 crore and also capital interest subvention reimbursement. The reimbursement of the incentives is expected to improve Uttar Pradesh's investment climate and attract more investors to the state. 

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