UP govt's new export policy to provide additional benefits to exporters
- IBEF
- January 7, 2025
The Uttar Pradesh (UP) government is formulating a new export policy to enhance the state's contribution to India's exports. This initiative aims to provide additional incentives to exporters and increase the state’s share. 2022-23, UP's merchandise exports were valued at approximately Rs. 1,76,935 crore (US$ 20.67 billion), accounting for 4.71% of India's total exports. The state aims to raise this share to 7.5%, with exports in the first half of 2023-24 reaching Rs. 90,394 crore (US$ 10.56 billion), increasing UP’s share to 4.89%.
The proposed policy will introduce incentives for key sectors such as food processing, handicrafts, and the One District One Product initiative. UP is renowned for industries like Banarasi silk sarees, Bhadohi carpets, Lucknow chikan embroidery, Kanpur leather goods, and Agra footwear. Key provisions in the policy include job creation incentives, marketing support, air freight subsidies, international certification assistance, and gateway port freight subsidies. The state government aims to achieve merchandise exports worth Rs. 3,00,000 crore (US$ 35.05) within two to three years. Given UP’s landlocked status, the state is focusing on building infrastructure to strengthen the export supply chain. Plans include transforming all 75 districts into export hubs by developing warehouses, cargo terminals, and trucking hubs, particularly in industrial zones and near expressways. The UP Warehousing & Logistics Policy offers financial incentives to attract private investments. At the same time, plans for seamless air, water, road, and rail connectivity will enhance market access.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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