UP has $5-billion export potential: Export-Import Bank of India
LUCKNOW: A study by Export-Import Bank of India has found that Uttar Pradesh has an untapped export potential of about $5 billion. The bank has recommended that to increase its exports, the State needs to diversify into higher value-added sectors like pharmaceutical and automobile and into high-value products like electronic components, hardware and aerospace components.
In a discussion on export possibilities for the State held in Lucknow, Bank revealed the preliminary findings of the study on UP.
"UP ranks fifth among all States by value of its exports between 2012 and 2017. Its annual average growth for this period is 4.1%, against an all-India growth of -1.7%. In fact, it has done better than the first four States on this list, beating Maharashtra, Gujarat, Tamil Nadu and Karnataka. However, there is a lot more that the State can achieve with its share in the Country's exports at 4.5%," Bank Study emphasized.
UP is among a handful of States that are completely landlocked, making costs of transportation very high due to distance from major sea ports. However, said Infrastructure and Industrial Development Commissioner Anup Pandey, the construction of Jewar airport close to the intersection of the Delhi-Mumbai industrial corridor and Amritsar-Kolkata industrial corridor in Dadri will significantly improve access within the State and to large ports. Principal Secretary (Industry) Alok Sinha added that the Dadri-Noida-Ghaziabad belt was also being developed as an investment area.