UP Targets Rs 5 Trn Exports, Drafts New Manufacturing Policy

The government of Uttar Pradesh (UP) is formulating a new export policy aimed at incentivizing manufacturers to foster industrial development and "enhance shipments," according to a senior official.

The government is encouraging manufacturing to reach its goal of Rs 5 trillion in yearly exports within four to five years. It resulted in exports totaling Rs 1.71 trillion in FY24. The state seeks to boost its portion of India's export basket from 4.71 percent to 7.5 percent in the coming years.

The updated export policy will draw both local and international investments. "The officer stated that it will provide incentives to producers to encourage industrial development and increase shipments."

The policy will “catalyze” the state's goal of reaching a $1 trillion economy within four to five years and support the Brand UP initiative. The officer stated that a capital subsidy of Rs 10 crore is anticipated to be given to investors to enhance export infrastructure.

A specialized fund will be created to assist businesses in engaging in global marketing and export events. It will offer financial support for air and port shipping costs, as well as global certification.

Financial support for export units will be increased from Rs 16 lakh to Rs 25 lakh each year.

The state is transforming its 75 districts into possible export centers by establishing a network of warehouses, cargo terminals, and trucking facilities. These infrastructure initiatives will be undertaken in industrial zones and close to highways to stimulate the local economy and generate employment.

Under the UP Warehousing & Logistics Policy, the government provides a range of financial incentives to draw in private investments.

Different locations in Uttar Pradesh are renowned for their traditional items: Varanasi for Banarasi silk saris, Bhadohi for carpets, Lucknow for chikan work, and Kanpur for leather products.