UP's GSDP likely to go up by 2pc on good monsoon: Assocham

Uttar Pradesh's Gross State Domestic Product (GSDP) is expected reach 12 per cent from 10 per cent at present, on good monsoon in financial year 2016-17, according to Assocham.
The industry body also said that if UP implements even 70 per cent of the reforms suggested by the World Bank, the state would move up to the 6th spot on the "Ease of Doing" index.
UP is marching ahead with a GSDP of 10 per cent in the 12th five year plan, but due to good monsoon it will reach the level of 12 per cent in the financial year 2016-17, Assocham Secretary General D S Rawat told reporters here.

He said the World Bank has suggested reforms for "Ease if doing business" in India, of which UP has implemented 47.3 percent, if it could implement even 70 per cent, its ranking would improve from 10th to 6th position.
Assocham further suggested the state government to improve the level and extent of digitisation of processes to ensure smooth operations in shorter timeframes and reduce scope for corruption.
"The UP government should conduct a detailed study using primary research methodologies to quantify total results of government initiatives in improving ease of doing business in the state," suggested an ASSOCHAM-Thought Arbitrage Research Institute (TARI) study titled 'Ease of doing business in UP'.

The study, released by Rawat and Kshama Kaushik, Director, TARI, also said that "the administration should constantly monitor systems and processes of state machinery, revamp or discard outdated processes and set up new ones in keeping with modern business ethos."

Rawat said, "UP being India's most populous state, improving ease of doing business will have a positive impact on employment even beyond its borders."
He said that regulatory reforms and initiatives taken by UP government like setting up a single window system of Nivesh Mitra, online industrial grievance redressal mechanism, issuance of VAT registration certificate in a single day and e-stamping facility.

It said the state also needs to attract large scale
investment in manufacturing, infrastructure and services sectors to generate more employment opportunities for its large working population.
"Improving regulatory framework for business is a key pre-requisite for increasing investment and thereby creating jobs, as such the role of state in ensuring 'Ease of Doing Business' holds utmost importance for growth of manufacturing and services sector and generate employment," the ASSOCHAM-TARI study suggested.
Though various industrial policies of the UP government provide concessions and incentives like stamp duty, entry tax exemptions, interest free loan, capital interest subsidy and others, however, availing the same was often cumbersome and time taking involving many administrative processes and checks.

"The UP government may consider developing a standard checklist of documents and standard operating procedures (SOP) for entrepreneurs availing these incentives and publicise them through website and other channels to bring transparency and efficiency in processes," it said.
Besides, a clear timeframe may be established for completion of various process and granting approvals for availing these incentives, it said.