PLEDGE
( A Govt of UP Scheme )
U.P. Industrial Consultants Limited
(Established by Government of UP, SIDBI, IFCI & Nationalized Bank in 1974)
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This journey of 50th years was started in the year 1974 by the Government of Uttar Pradesh. It was restructured again in 1976 by the country’s apex financial institutions, including the Industrial Development Bank of India (IDBI), the Industrial Finance Corporation of India (IFCI), and the Industrial Credit & Investment Corporation of India (ICICI). This 50th years journey has witnessed many dented years, but it’s journey ascended in 2012 when it was joined by seasoned professionals and since then there was no looking back.
A major brand transformation happened when “UPICO” changed to “UPICON” and the logo got the image of Eklavya: which gave UPICON a new edge of – “Not where you start but where you reach”, which comes with determination and dedication. Ever since then, UPICON has been instrumental in giving consultancy to big, medium, and small industries, building microentrepreneurial ecosystem, skills and training, banking inclusion, UNESCO projects, social welfare projects, women empowerment, safety and audit etc.
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UPICON has been instrumental in giving consultancy to big, medium, and small industries, building microentrepreneurial ecosystem, skills and training, banking inclusion, UNESCO projects, social welfare projects, women empowerment, safety and audit etc.
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PLEDGE
Recognizing that availability of industrial plots is the biggest bottleneck in rapid industrialization, UP Cabinet on 28.1.23 passed a new scheme called PLEDGE – to promote the establishment of private MSME parks to give a boost to industrialization of the state.
P- Promoting
L- Leadership and
E- Enterprise for
D- Development of
G- Growth
E- Engines
The salient points of the new scheme are the following:
1. It provides easy finance to the promoter for setting up private industrial park.
2. Cost of internal/external development of land is pegged at Rs 50 lakhs/acre.
3. 90% of the value of land at Collector rate or the estimated cost of development of industrial park, whichever is less, will be provided by state government to the promoter as loan. Balance amount for development, if any, to be raised by the promoter from Banks/Financial Institutions.
4. Promoter will have to pledge the land in favour of the state government.
5. The rate of interest will be 1% simple interest for 3 years and 6% (simple interest) for next 3 years after which it becomes 7% compound interest.
6. The loan amount will be provided in two equal installments.
7. The scheme covers private MSME parks developed on an area of 10 to 50 acres. 75% of developed area to be allotted to MSME units.
8. Sale proceeds of industrial plots to be deposited in an escrow account from which every stakeholder gets its share accordingly.
9. There is no penalty for foreclosure. The earlier the better.
10. State Government is setting up a corpus/revolving fund of Rs 2500 crores through budgetary provision in the next five years. Rs 300 crores already provided in 2022-23.