Uttar Pradesh is setting ambitious goals to boost its export sector, aiming to triple its outbound shipments to over Rs 5 lakh crore by 2030. A new export policy, set for approval soon, will drive this goal by tapping new markets and products, while offering incentives such as capital subsidies and digital support. The policy will strengthen UP’s contribution to India’s overall export performance, fostering infrastructure development and supporting exporters with various financial aids. The state’s export portfolio, including electrical machinery, meat, and textiles, continues to grow and diversify.
Uttar Pradesh Aims to Triple Exports by 2030 with Ambitious New Policy
Uttar Pradesh, India’s industrial powerhouse, is positioning itself for a significant leap in its export sector with a bold plan to triple its outbound shipments by 2030. The state’s export strategy aims to increase its contribution to the nation’s overall exports from Rs 1.7 lakh crore in 2023-24 to a target of over Rs 5 lakh crore by 2030. To achieve this, the Uttar Pradesh government is in the process of finalizing an ambitious export policy for the period 2025-2030.
The new policy, expected to be approved soon, is poised to introduce a host of measures designed to foster growth in the state’s export sector, tapping into new markets and diversifying the types of goods and services that can be exported.
Key Features of the New Export Policy
According to Nand Gopal Gupta Nandi, the Uttar Pradesh Minister for Industrial Development and Export Promotion, the state has thoroughly studied the export policies of various other regions in India and is incorporating the best practices to tailor a robust framework. The goal is not only to bolster Uttar Pradesh’s export performance but also to make it a major player in India’s broader export ecosystem.
Capital Subsidies and Financial Support
One of the most crucial aspects of the proposed policy is its focus on providing substantial capital subsidies to investors looking to develop export infrastructure. The policy seeks to allocate up to Rs 10 crore as a capital subsidy for investors, a move that is expected to attract new investments into the state’s export-oriented sectors.
Additionally, the policy will introduce a dedicated export promotion fund to assist businesses in showcasing “Brand UP” at international trade events and conferences. This fund will also provide financial support of up to Rs 5 lakh to exporters for paying premiums under the Export Credit Guarantee Corporation of India (ECGC), helping businesses mitigate the risks associated with international trade.
Enhanced Financial Assistance for Exporters:
The proposed policy will also significantly increase the aid provided to individual exporting units. Currently, exporters receive up to Rs 16 lakh per year, but the new policy aims to raise this to Rs 25 lakh annually. This will provide additional support to exporters, helping them scale their operations and expand their reach in global markets.
Moreover, the policy plans to provide exporters with up to Rs 30 lakh every year to cover transportation costs to gateway ports, helping to lower logistical expenses and make exports more competitive globally.
Uttar Pradesh’s Export Performance and Key Sectors
In the 2023-24 fiscal year, Uttar Pradesh accounted for 4.71% of India’s total exports, with the state’s exports totaling Rs 1.7 lakh crore. In the first half of the 2023-24 financial year alone, exports from Uttar Pradesh reached Rs 87,151 crore. This growing figure indicates the potential for further expansion, and the new policy aims to build on this momentum.
The state’s export portfolio is diverse, spanning a range of high-demand sectors. Key export items from Uttar Pradesh include electrical machinery, meat, apparel, footwear, pearls and precious stones, carpets, furniture, aluminum products, leather goods, organic chemicals, plastics, and cereals. These products have a strong presence in international markets and will be critical to driving the state’s export growth in the coming years.
Strategic Goals and Market Expansion
The new export policy is not just about increasing the value of exports, but also about opening up new markets for Uttar Pradesh's products. The state government has identified the need for diversification into new sectors and geographical regions, capitalizing on emerging trends and demand in international markets.
By focusing on enhancing the ease and cost of doing business for exporters, the policy aims to make Uttar Pradesh a more attractive destination for both domestic and foreign investment. Additionally, with the rise of digital technologies, there is a concerted effort to facilitate better market access through digital platforms, which will be integral in promoting the state’s products worldwide.
Conclusion: Uttar Pradesh’s Roadmap for a Global Export Hub
The proposed export policy is a significant step forward in Uttar Pradesh’s efforts to become a global export hub. By focusing on infrastructure development, providing substantial financial support to exporters, and tapping into new markets, the state is setting a strong foundation for long-term export growth. As India’s manufacturing and export sectors continue to gain global prominence, Uttar Pradesh’s role as a major player in this transformation is poised to expand.
With a targeted and strategic approach, Uttar Pradesh is well-positioned to meet its ambitious export goals, driving economic growth and contributing to India’s larger goal of increasing its global trade footprint. The new policy, once implemented, will not only boost the state’s export performance but also foster a competitive, innovative, and sustainable export ecosystem.
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