Uttar Pradesh Launches New Export Promotion Policy

ENA Sectors 2024-12-23 16:29:16 Lucknow, Dec 23 (KNN) The Uttar Pradesh government is developing a new export policy for 2025-30, with ambitious plans to boost the state's contribution to India's total exports from approximately 5 per cent to 7.5 per cent. Nand Gopal Gupta, UP's Minister For Industrial Development and Export Promotion, revealed that extensive consultations with industry bodies and leaders are underway to create a comprehensive, export-intensive policy framework. The state's current export performance shows promising growth, with its share in India's total exports reaching 4.89 per cent in the first two quarters of FY25, up from 4.71 per cent in FY24. This development comes against the backdrop of India's overall trade figures for FY24, which recorded exports of USD 776.68 billion and imports of USD 854.80 billion. Uttar Pradesh's export portfolio is diverse, encompassing electrical machinery, meat products, apparel, footwear, precious stones, iron and steel, carpets, vehicles, furniture, aluminium products, leather goods, organic chemicals, plastic products, and cereals. The state's economic indicators have shown strong performance, with GST collections surpassing Rs 1 trillion in FY24, positioning UP as the fifth-highest GST contributor among Indian states. Infrastructure development plays a crucial role in the state's export strategy. Uttar Pradesh boasts India's largest rail network and 38 per cent of the country's expressways. The state currently operates four international airports in Lucknow, Kushinagar, Varanasi, and Ayodhya, alongside nine domestic airports. Seven additional airports are under construction, including the strategic Jewar international airport, which is expected to significantly reduce logistics costs for exporters. The state government has implemented several export promotion schemes to support businesses. The Marketing Development Assistance Scheme offers substantial reimbursements for international trade fair participation, including 60 per cent of stall charges (up to Rs 2 lakh) and 50 per cent of airfare costs (up to Rs 1 lakh) for up to three foreign fairs annually. Exporters can also claim 75 per cent reimbursement for courier charges and 50 per cent for international certifications. To address logistics challenges, the Gateway Port Scheme provides 25 per cent reimbursement of freight charges for container transportation to gateway ports, while the Air Freight Rationalisation Scheme offers 25 per cent reimbursement of air freight charges. These initiatives are designed to enhance the competitiveness of UP's exports in the global market and support the state's ambition of becoming a USD 1 trillion economy. Minister Gupta emphasised that the combination of export-friendly policies, improved logistics, and rapid infrastructure development will be instrumental in achieving the state's export targets. The upcoming Jewar Airport, in particular, is expected to play a pivotal role by providing direct shipping options for exporters, thereby reducing both time and costs associated with international trade. (KNN Bureau) 40357 https://knnindia.co.in/news/newsdetails/sectors/uttar-pradesh-launches-new-export-promotion-policy 2024-12-23 16:29:16 knnindia.co.in Uttar Pradesh Launches New Export Promotion Policy