Lucknow, June 5 (IANS): Uttar Pradesh Chief Minister Yogi Adityanath, has introduced a new MoU (Memorandum of Understanding) Monitoring Mechanism to ensure swift implementation of investment proposals in the state.

According to UP minister for industrial development, Satish Mahana, this will ensure better handholding of investors and efficient tracking of investment lifecycle of projects.

Mahana said that backed by information technology, the new mechanism would enable monitoring of investment intents at various levels of the government, thereby, facilitating the existing investors and instilling confidence in new investors in the investment ecosystem of Uttar Pradesh.

UP Chief Secretary, Rajendra Kumar Tiwari, has directed Infrastructure & Industrial Development Commissioner (IIDC), Agriculture Production Commissioner (APC), all additional chief secretaries, secretaries and divisional commissioners in the state to ensure prompt and strict compliance of the provisions and processes defined under the new mechanism to facilitate willing investors and timely implementation of their projects.

The Chief Secretary said that the new mechanism aims to institutionalise investment project monitoring system along with standardization of MoU implementation across the project lifecycle in the state.

He said that the new system would not only bring the investors and other government stakeholders on a single interactive platform, but it would also enable facilitation requirements of investors for smoother implementation and better targeting.

Moreover, investors would have the option of communicating with departments online through this portal.

Infrastructure & Industrial Development Commissioner Alok Tandon said that as a result of rigorous review and monitoring at the various levels of government, 371 of 1,045 MoUs received during the UP Investors Summit 2018, were under various phases of implementation in the state.

"Till March 2020, 106 of these 371 MoUs had successfully started their commercial operations, yet it was felt by the government that a better and efficient mechanism was required to ensure speedy execution of investment projects in view of the interest shown by new national and international investors," he said.

He said that under the new mechanism, all concerned departments would have to assign a dedicated nodal officer for implementation of MoUs.

He said that MoU tracking portal, which had been integrated with 'Nivesh Mitra', the single window portal of the state, would impart digital and real-time transparency to the system, while domain expertise of different departments would be better utilized by allocating the sector-wise MoUs to concerned departments for monitoring.

Details of all the existing MoUs are already available on the portal and each MoU is mapped to a dedicated MoU Department.

The MoU Department will be solely responsible for implementation of the MoU. All the new MoUs signed between any department of Government of Uttar Pradesh need to be entered in MoU tracking portal. Similarly, all divisional commissioners will also be able to access the portal through a distinct login ID allotted to them.