UP aims to triple exports to Rs 5 trn in five years with help of new policy

Uttar Pradesh is working on a policy to promote exports and triple the outbound shipment from the state to over Rs 5 lakh crore in the next five years by tapping new markets and products.

To achieve the target, the state government is working on a new export policy for 2025-30 which is expected to be approved soon.

The thrust of the new policy would be to increase exports three times by 2030 from Rs 1.7 lakh crore in 2023-24 through host of measures including capital subsidy and sops for exporters, UP Minister for Industrial Development and Export Promotion Nand Gopal Gupta Nandi said.

"We have extensively studied export policies of various governments across the country and have incorporated best practices in the draft policy. Our aim is to increase UP's contribution in the country's overall exports substantially and the proposed policy will be a step in that direction," he said.

The new policy also seeks to provide sops like capital subsidy to investors for developing export infrastructure and proposes setting up a one-stop digital information hub which may provide all relevant information to exporters.

For example, he said, the proposed policy seeks to provide up to Rs 10 crore as capital subsidy to investors to build export infrastructure.

A dedicated export promotion fund will be set up, which will be used for promoting Brand UP at global conferences and will also provide aid of up to Rs 5 lakh to exporters towards payment of yearly premium under Export Credit Guarantee Corporation of India (ECGC), he said.

It also plans to increase aid to each exporting unit to Rs 25 lakh every year as against Rs 16 lakh in the current policy.

The new policy is expected to incentivise exporters by up to Rs 30 lakh every year towards transport of goods to gateway port.

During 2023-24, UP's share in the country's total export was 4.71 per cent. Exports from Uttar Pradesh stood at Rs 1.70 lakh crore. In the first half of last financial year exports from the state were Rs 87,151 crore.

Some of the major exports from the state include electrical machinery, meat, apparel, footwear, pearls and precious stones, carpets, furniture, aluminium products, leather products, organic chemicals, plastic and cereals, among others.