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The construction of two Micro, Small and Medium Enterprises (MSME) parks in the New Okhla Industrial Development Authority (Noida) area of Gautam Buddha Nagar district has gained momentum with 812 investors buying land at the proposed sites, to set up units at the cost of Rs 2,345 crore.

The companies to be set up by these investors will provide employment to more than 42,800 people.

The Yamuna Expressway Industrial Development Authority (YEIDA) is developing these parks as a model to boost the MSME sector, which has the potential to help indigenous products go global.

The MSME parks in Noida will be followed by establishment of similar parks in Agra, Kanpur, Moradabad, Varanasi, Azamgarh and Gorakhpur, which boast of presence of several MSME.

The parks will herald a new era of development in Uttar Pradesh.

In terms of employment generation, the MSME sector is second only to agriculture in UP.

UP's MSME units constitute 14.2 percent of the total MSMEs in the country and have been exporting goods worth more than Rs 1.14 lakh crore annually for the last three consecutive years.

The MSME Parks will provide facilities like business and shopping centres, incubation centres, hotels and restaurants, hostels, office blocks, health and fire stations along with factories and factory sheds.

The parks will also have better roads and power and water supply networks. A certification lab will also be set up at the park itself. The parks will also feature storehouses, container and truck terminals, railway siding infrastructure and fuel stations.

According to Arun Vir Singh, the CEO of YEIDA, all the entrepreneurs who have procured land in the park have started construction of their units.

Major companies that have started building their factories are: Swastik Industries, United Logistics, Syria Impex, DR Auto Industries, Rushya Agritech Pvt Ltd, MV Exim Pvt Ltd, Ranexa Medical, Shree Balaji Printing and Gapdec Infratech Ltd.

As per the plan, an MSME park can be developed in an area ranging from 20 to 100 acres. Fifty per cent of the total area of the park will be reserved for the MSME sector of which 60 per cent will go to micro and small industries. First time investors will get 50 per cent exemption in stamp duty.

There will be a wide variety of companies at the parks making readymade garments, auto parts, food processing and printing units. The government will get revenue through GST on the products of these companies.