By leveraging new markets and products, Uttar Pradesh is developing a plan to encourage exports and quadruple the state’s outbound shipments to over Rs. 5 lakh crore (US $ 58.7 billion) over the next five years.
The state administration is developing a new export policy for 2025–2030 in order to meet the goal, and it should be adopted shortly.
The main goal of the new strategy, according to UP Minister for Industrial Development and Export Promotion Nand Gopal Gupta Nandi, is to triple exports by 2030 from Rs. 1.7 lakh crore (US $ 20 billion) in 2023–2024 through a variety of initiatives, such as capital subsidies and exporter perks.
Numerous Governments’ export policies have been thoroughly examined, and the finest ones have been included in the draft policy. The goal is to significantly boost UP’s share of the nation’s total exports, and the new policy will be a step in that direction, he said.
The new strategy also aims to give investors incentives like capital subsidies to build export infrastructure and suggests creating a one-stop digital information hub that may give exporters access to all the information they need.
He stated, for instance, that the new policy aims to give investors a capital subsidy of up to Rs 10 crore (US $ 1.17 million) so they can construct export infrastructure.
In addition to helping exporters pay their annual premiums under the Export Credit Guarantee Corporation of India (ECGC), he said, a special export promotion fund will be established to promote Brand UP at international conferences.
Additionally, it intends to raise subsidies to each exporting unit from the present policy’s Rs 16 lakh (US $ 18,784) to Rs 25 lakh (US $ 29,350) annually. It is anticipated that the new policy will provide exporters with annual incentives of up to Rs 30 lakh for the transportation of products to gateway ports.
