Release of India Exim Bank’s Publication titled “Exports from Uttar Pradesh: Trends, Opportunities and Policy Perspective” by Ms. Nirmala Sitharaman, Hon’ble Minister of Finance and Corporate Affairs, Government of India during anevent for the launch of the UbharteSitaare Fund, held at Lucknow on 21st August2021. Also seen in the photo (Left to Right) are: Ms. Harsha Bangari, Deputy Managing Director, India Exim Bank; and Mr. Sidharth Nath Singh, Minister of Micro Small and Medium Enterprises, Government of Uttar Pradesh.
Uttar Pradesh is one of the largest exporting states, with a decisive role in the export growth story of India.According to a Study published by the Export-Import Bank of India (India Exim Bank), the State ranked 5th among all States by value of merchandise exports.Although exports from the State have registered robust growth during the recent period, thereremains an untapped merchandise export potential of nearly US$ 12.2 billion. Realizing this potential could increase merchandise exports from the state to nearly US$ 30 billion.
The Study titled ‘Exports From Uttar Pradesh: Trends,Opportunities And Policy Perspective’ was released by Ms. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs, during an event jointly organized by India Exim Bank and the Small Industries Development Bank of India (SIDBI) for the launch of the UbharteSitaare Fund on 21st August 2021, at Lucknow. The event had speakers from the Ministry of Finance, the Government of UP, India Exim Bank, SIDBI and entrepreneurs from the MSME sector. The event was attended virtually and physically by more than 500 participants from the Indian business community.
The Study highlights the need for diversification of exports to higher value-added items such as pharmaceuticals, electronics and machinery, processed food, technical textiles, among others. The Study also highlights the need for diversification of markets for UP’s exports.
The Study also analyses the current status of trade enabling infrastructure in UP, and recommends strategies for plugging the existing gaps. This includes, inter alia,setting up more ICDs, air cargo facilities, and improving the connectivity to the ports in the State; leveraging centrally sponsored schemes such as the Trade Infrastructure for Export Scheme (TIES) for developing and strengthening essential export infrastructure; strengthening warehousing and cold storage facility in the State, among others. Besides, the Study also highlights the need for strengthening the SPS/TBT infrastructure in the State, in order to augment exports to highly regulated advanced economies.
The Government of UPcould also consider fiscal incentives such as capital subsidy in priority sectors such as defence goods to improve the investment climate for defence goods in the State and ensure success of the Defence Industrial Corridor projectin the State.The Study also notes that the State has strong clusters for several products, which could be strengthened through development of a mechanism for detailedassessmentof the clustersandidentification of the necessary areas of intervention.
Speaking on the occasion, Ms. Nirmala Sitharaman highlighted the efforts taken by the Government of India to improve the competitiveness of the MSME sector in the country. Ms. Sitharamannoted that the UbharteSitaareProgram of India Exim Bank would support growth of export-oriented MSMEs throughequity, debt and technical assistance. She also noted that India Exim Bank and SIDBI would identify UbharteSitaare in each district, and create awareness among chambers in the districts.
In her address, Ms. Harsha Bangari, Deputy Managing Director, India Exim Bank further emphasized the willingness of India Exim Bank to partner future export champions under the UbharteSitaare Program and provide them with financial and advisory support. Ms. Bangari highlighted that as part of the programme, the Bank would look at supporting companies with niche products, processes or technologies, and help them foray into the international market.
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Mr. S Prahalathan, Chief General Manager, Research & Analysis Group
Export-Import Bank of India, Floor 8, Maker Chambers IV,Nariman Point Mumbai 400 021.
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