Uttar Pradesh attracted over Rs.4,41,850 crore of new investment projects between 2018-19 and 2022-23

Uttar Pradesh attracted over Rs.4,41,850 crore of new investment projects between 2018-19 and 2022-23 and completed projects of Rs.2,65,765 cr, according to the just concluded study.

While releasing the study conducted by the MSME Export Promotion Council along with the Confederation of Organic Food Producers & Marketing Agencies (COII) today, the MEME EPC Chairman Dr D S Rawat (former Secretary General, Assocham) said a large number of projects are under active implementation.

During these five financial years, the investment projects revived were of Rs.38,800 cr, as per the data available with Centre for Monitoring of Indian Economy (CMIE), stated the study.

The study found that in 2022-23, the total investment projects outstanding were of Rs.12,44,436 cr and under implementation of Rs.8,47,445 cr. The study has stressed the need for setting up a high powered committee to expedite the implementation of the projects to avoid any cost escalation.

During the period of reporting, the investment projects by private sector (2018-19 to 2022-23) were of Rs.2,17420 cr and the completed projects worth Rs.92,478 cr. While the total investment projects outstanding in 2022-23 were of Rs.6,81,746 cr, the under implementation were of Rs.3,97,623 cr. In 2022- 23, there has been a significant increase in the new investment projects by private sector as against an investment of Rs.44,708 cr in 2021-22, it touched to Rs.89,750 cr.

There was a significant increase in the total credit by the banks during 2022-23. It was noted that the total bank credit was Rs.7,55,488 as against Rs.6,46,284 crore in 2021-22.

The state is known as the IT Hub for north India holding 6 th position in software exports in the country. The IT & ITeS sector in the state provides direct employment to more than 0.12 million people and received investment proposals of around Rs.6300 crores creating new employment to 53,000 people.

The state has the largest number of estimated MSMEs with a share of 14.20 per cent in the country. Top 10 states accounted for a share of 74.05 per cent of total estimated number of MSMEs in the country. UP has 89.99 lakh MSMEs providing employment to 165.26 lakh people; 27.27 lakh female and 137.92 lakh male, followed by West Bengal 88.67 lakh with share of 14 per cent.

Agriculture and allied industries provide employment to most workforce but MSMEs also take second position in terms of employment and have participation of men as well as of women. Due to its nature of labour intensiveness it leads to decline of regional inequality, gender discrimination and economic inequality as well but it also reduces the gap of employment generation.

The state has a robust industrial infrastructure, including 15 industrial areas, 12 specialized parks, four growth centres. Noida-Greater-Noida-Expressway belt has been a keen choice for many IT/ITES and electronic firms. This belt currently contributing over 40 per cent to the manufacturing of mobiles in the country and over 55 per cent of their components is expected to register a jump of 10 to 12 per cent in another five years, says the study.