LUCKNOW, March 31 -- The Uttar Pradesh government has started reviewing the memorandums of understanding (MoUs) where investors have failed to roll out the projects within the stipulated time frame. The Invest UP, an investment promotion and facilitation agency of the state government, has started taking stock of the MoUs that are lagging behind schedule. Before the fifth Ground-Breaking Ceremony (GBC), which is overdue, the Invest UP wants to expedite the process. According to Nand Gopal Gupta 'Nandi', UP industrial development minister, the state government wants to roll out all MoUs in a time-bound manner. "Before the next GBC, we want to make sure that there is no pending MoU," he added. "The fifth GBC is proposed in April-May," said a senior state government official. The number of approved projects will be much higher in the fifth GBC as compared to the fourth edition of the event, according to the state government. Recently, the state government cancelled a Rs 25,000-crore MoU with an artificial intelligence startup, Puch AI, amid criticism over the company's financial credentials. "Necessary details as per SOP were sought from the investor, but they failed to provide them timely. Due diligence showed a lack of net worth and credible financial linkages for the project's scale," said Invest UP. The Uttar Pradesh Expressway Industrial Development Authority (UPEIDA) has already cancelled four industrial plots allotted at various nodes of the Uttar Pradesh Defence Industrial Corridor. Action was taken against allottees who failed to complete their investment and employment generation related activities within the stipulated time frame. During review of projects, it was found in some cases that despite considerable time having passed since allotment of land, the level of physical progress on the respective plots was not satisfactory, impacting the overall development of the respective area. Prolonged retention of such plots without making the required investments not only results in inefficient use of valuable public resources but also impacts national objectives in the defence sector, the state government said. Uttar Pradesh has hosted two Global Investor Summits to date. The first, held in 2018, attracted investment proposals worth Rs.4.28 lakh crore, while the second, in 2023, set a record with proposals of Rs. 33.50 lakh crore. To ensure these proposals are implemented efficiently, the government has been holding GBCs as a key mechanism for fast-tracking projects. For GBC 5.0, Invest UP has started listing projects that have reached the production stage. According to Invest UP, more than 8,000 projects out of 16,000 have already begun commercial operations, while the rest are at various stages of implementation....