The Uttar Pradesh government, with the objective of attaining the goal of a US$ 1-trillion economy by 2027, is focusing on the manufacturing sector. At present, the states gross state domestic product (GSDP) is estimated at $230 billion while the contribution of the manufacturing sector is pegged at about 14 per cent, which the government is looking to boost threefold to 45 per cent. To achieve the target, the government is laying greater emphasis on setting up and expanding new industries.
The seven thrust manufacturing verticals identified by the include leather, textile, toys & games, DEFENCE, electronics, machinery, and electric vehicles. Recently, Chief Minister Yogi Adityanath presided over a high-level meeting with top echelons of the Industrial Development department to sketch a broader action plan in this regard.
Besides, the government has estimated that the quantum of fresh Investment in the economy needs to be ramped up from the current level of 42 per cent to 47 per cent of the GSDP as well. UP is among Indias top producers and exporters of toys, leather goods, and textiles in the country.
According to the states projections, UPs exports can surge to over $200 billion by 2027 if the state is able to capture just 5 per cent of the global export market of leather, textile, toys & games, defence, and electronic products.
Moreover, the state can achieve an economy of $14 billion by catering to just 10 per cent of the global electric vehicles export market.
At present, China exports up to 29 per cent of the worlds textiles/clothes compared to Indias 3 per cent; whereas UP exports up to 23 per cent of Indias textile exports.
Similarly, China accounts for 32 per cent of the global leather export compared to Indias 2 per cent; whereas UPs contribution to Indias leather export is 43 per cent.
China exports 58 per cent of the global toys and sporting products, whereas India only exports 0.4 per cent; while the contribution of UP in the national export basket is about 32 per cent. In fact, the government is eyeing to position the UP export basket in the key markets that China caters to in the Asian, African, and Latin American markets.