Manufacturing Sector To Play Humongous Role: UP’s trillion-dollar GDP

Uttar Pradesh is heavily relying on the industrial sector to help it achieve its goal of having a trillion-dollar GDP by 2027.

Currently, it is anticipated that the state’s gross state product (GSDP) will be $230 billion, with the industrial sector accounting for around 14% of that total, which the government hopes to triple to 45%. To do this, the government is concentrating more on creating and expanding new industries.

Seven important industry areas, including electric vehicles, toys and games, equipment, electronics, military, and textiles, have been chosen by the state. In order to build a more comprehensive action plan in this respect, Chief Minister Yogi Adityanath recently presided over a high-level conference with the senior officials of the industrial development department.

He emphasized that “the state is working to boost the manufacturing sector contribution to GSDP by more than three times in the next five years.” To achieve the trillion-dollar mark by 2027, the state’s yearly growth rate must increase by 30 to 35%.

Additionally, according to official estimates, the amount of new investment in the economy has to increase from its present level of 42% to 47% of the GSDP.

UP is one among India’s leading producers and exporters of textiles, leather products, and toys.

As predicted by the state, UP’s exports could reach $246 billion by 2027 if it could take just 5% of the world market for leather, textile, toys & games, defense, and electronics.

Additionally, by supplying just 10% of the world’s export demand for electric vehicles, the state could reach an economic growth of $14 billion.

A whopping 23% of India’s textile exports come from Uttar Pradesh, while China exports up to 29% of the world’s textiles/clothes.

Additionally, UP contributes 43% of India’s leather exports, while China accounts for 32% of global leather exports and India accounts for 2%.

China exports 58% of the world’s toys and athletic goods, compared to India’s 0.4%, while the contribution of Uttar Pradesh to the national export basket is almost 32%.

In reality, the state wants to place the UP export basket in the important Asian, African, and Latin American markets that China targets.