Despite the lockdown in the state and the economy facing a major downturn, the economy of Uttar Pradesh managed to become the second largest in the country, leaving behind the industrialised states of Gujarat and Tamil Nadu. Earlier this year, to set another milestone, Uttar Pradesh became fifth largest contributor to country’s exports. With Yogi Government to take concrete measures to facilitate ‘ease of doing business’ in the state, Uttar Pradesh has turned into one of the biggest export hub of India.
Read more: Yogi Government: The Best Ever Government For Uttar Pradesh
“A monk with an economic model”- MSME minister Sidharth Nath Singh
In a bid to applaud the Yogi Government for growing confidence of investors in UP over the last four years, MSME minister Sidharth Nath Singh said that the Chief Minister is a “monk with an economic model” who has catapulted Uttar Pradesh among top states in terms of GDP.
A session was organised by Times Now Navbharat on ‘UP as an emerging investment hub’ during the Navbharat Navnirman Manch-Uttar Pradesh. Speaking on the session, Sidharth said the state has developed a massive network of connectivity. He added, “At least seven airports are functional and work is underway on four others, including the Jewar Airport. Construction of Bundelkhand Expressway and Ganga Expressway to link all parts of the state is also on.”
He further stated, “The purchasing power of a person in UP has gone up from Rs 45,000 to Rs 88,000 since the BJP came to power. There are misconceptions about Yogiji considering his background and and robes, but he has a vision and has managed to change the state in ways which even economists did not understand.”
Earlier reported by TFI, Kitex Group Chairman Sabu Jacob while speaking to CM Yogi during a media interaction, said that he wishes to invest in the state. He stated that he is impressed by business friendly policies, handling of Covid & law & order in UP.
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UP records jump of 152% for exports of goods
Earlier this year, Uttar Pradesh exported goods worth Rs 21,500.85 crore with record jump of up to 152.67 per cent compared to corresponding period previous year, as per the data released by the central government. Last year, goods worth Rs 8,511.34 crore were exported between April and May, 2020. The major products exported from Uttar Pradesh include leather, textile and glassware products. Adding up to Centre’s ‘Make in India’ initiative, these products were exported to different parts of the world even during the ongoing coronavirus disease (Covid-19) pandemic.
UP surges to second spot on GSDP list, beats Gujarat & Tamil Nadu
Moreover, according to a report published in the Times of India, the economy of Uttar Pradesh has become the second largest in the country leaving behind the industrialised states like Gujarat and Tamil Nadu. UP moved up three ranks with SGDP at Rs 19.48 lakh crore which is more than Tamil Nadu’s Rs 19.2 lakh crore, Karnataka’s Rs 18.03 lakh crore and Gujarat’s Rs 17.4 lakh crore.
UP emerging as textile hub
Apart from export hub, Uttar Pradesh has also emerged as a textile hub with as many as 15 textile mills set up in the state in the past three years. The state government, in last few years has also received investment proposals worth Rs 8,715.16 crore from 66 industrialists. With the completion of these 66 textile factories, a total of 5,25,087 people will get employment.
According to a report, the six textile mills, including Jindal Handtex Pvt Ltd, Vivacity Homes Pvt Ltd, UV Garment Pvt Ltd, DS Exports, Rakesh International Trading Company and Shiva Polyplast Pvt Ltd have invested Rs 55 crore, Rs 4.24 crore, Rs 10 crore, Rs 2.5 crore, Rs 5 crore and Rs 20 crore, respectively, to set up their factories.
Economic growth under Yogi Government
In the 5 years of Akhilesh government, Uttar Pradesh GDP increased by 4.66 lakh crore whereas in the 4 years of Yogi government so far, it grew by 4.16 lakh crore despite the COVID induced slowdown. The Yogi government added more than 1 lakh crore to the state GDP (SGDP) every year whereas Akhilesh government had added less than 1 lakh crore to SGDP every year. Moreover, Uttar Pradesh has clinched the second spot in the ‘Ease of Doing Business’ index showing the mess cleaned up by the incumbent government.
Thus, it can be said that the availability of cheap labour, a strong pro-active government, and investment-friendly policies has led to many international companies to shift their factories to Uttar Pradesh, all thanks to Yogi Government and his economic model.