Introduction
Uttar Pradesh is located in the north-central part of India, it is one of the most populated states of India. It is divided into 75 districts and it is the 4th largest state in India in terms of landmass. Uttar Pradesh is a landlocked state with Lucknow being the capital city, the current population of the State is 240 Million. The most widely spoken languages in the State are Hindi and Urdu. Taj Mahal, one of the 7 wonders of the world is located in the State and is an attractive tourist destination.
The GDP of the State for 2023-24 was around USD 320 billion and is expected to grow by 5.8% for the financial year 2024-25 and it contributes more than 8% to India’s GDP.
Uttar Pradesh is home to various attractive sectors such as food processing and dairy, handloom and textiles, information technology, pharmaceuticals, electronic manufacturing, renewable energy and electric vehicle manufacturing. Uttar Pradesh is also the largest exporter of consumer electronics in India with 40% of total mobiles manufactured in the country and 55% of the total mobile component units manufacturing unit located in the State.
Some of the most prominent cities leading the State’s GDP are G.B. Nagar (also called as Noida), Lucknow, Agra, Prayagraj (also known as Allahabad), and Meerut. On account of a boost in the infrastructure facilities and having the largest railway network, the State has developed 15 industrial zones along with 12 specialized parks. Some of the major industries include Agriculture, Textiles, Handicrafts, Chemicals, Leather, Sugar, Engineering and Information Technology. Kanpur and Varanasi are known for their chemical industry, and electronics and automotive industries find its mark in Noida and Greater Noida, Mirzapur is famous for cement and mineral and heavy industries are found in Ghaziabad, Kanpur, Gautam Buddh Nagar, and Lucknow.
The State has steadily been attracting a large number of FDI due to its various policies and benefits. Some of the major countries through which Uttar Pradesh has received the FDI are Mauritius, Singapore, Japan, United States of America etc. Uttar Pradesh ranks 11th out of the Indian states in attracting FDI and has already received FDI inflow of USD 224.81 million in the financial year 2022-23. Recently, the government of Uttar Pradesh introduced a new FDI policy in order to attract overseas investors. The policy allows certain area-specific exemptions in stamp duty and registration fees in line with the Uttar Pradesh Industrial Investment and Employment Promotion Policy-2022. Apart from the existing incentives, 100 per cent exemption will also be given in electricity duty for a period of five years. Under the new policy, the State Government will also reimburse the training cost for a maximum of 500 individuals, up to Rs. 25,000 (approximately $300) per person a month for a period of five years, adding that Rs. 15 crore (approximately $1.8 million) will be allocated as part of these incentives. This policy was launched on 31st October 2023.
The Government of Uttar Pradesh has also introduced ingle window portal ‘Nivesh Mitra’, which facilitates online approvals and clearances for setting up industries or enterprises and roll-out of 25 investment-friendly industrial policies. The Nivesh Mitra portal includes an online incentives management system (OIMS), which will enable centralized processing, approval, and payment of policy incentives online.
Uttar Pradesh is also home to various multi-national companies and some of whom have recently invested in the State. Prominent foreign investors such as Samsung, Microsoft, Uber, PepsiCo, Fairfox, Hindustan Unilever, AB Mauri, Air Liquide, Sify, STT Global, NTT, Lulu Group, Vivo, Haier, Holitech, Sunwoda, Luochuang LI, and others have expanded their commercial ventures in Uttar Pradesh.
With various infrastructure projects becoming an integral part of the development of the State, the government has laid its focus development of airports, expressways and railways. The Noida International Airport, located in an entirely new town YEIDA (Yamuna Expressway Industrial Development Authority) is planned to be the largest airport in Asia which will assist in reducing air traffic at the New Delhi airport. Expressways such as the Ganga Expressway, Yamuna Agra Expressway and Purvanchal and Bundelkhand Expressway will boost further connectivity of farther-located cities to the state capital. The state has the largest railway network, spanning almost 9,000 km. It proudly boasts a 100 per cent electrified railway network.
Uttar Pradesh has approved 14 operational special economic zones (SEZs) with Noida Special Economic Zone (NSEZ) being the most prominent and the oldest SEZ. These SEZs are ranging from sectors such as IT/ITeS, textiles, handicrafts, and non-conventional energy. You may looks for more information on industrial areas on https://www.sezindiainvest.com/Statewise/Uttar_Pradesh_Statewise.htm
Uttar Pradesh being a landlocked State does not have any wet-ports, however, the Government has decided to develop a network of dry ports across the state. The State also has dozens of waterways in major rivers including the Ganga, Yamuna, Saryu, Betwa and Chambal. The government plans to leverage the network of rivers for low -cost passenger and cargo movement directly connected to sea port and dry ports.
With the recent development, Uttar Pradesh is set to become an emerging economy in India and ready to welcome foreign investors.
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