In the wake of Coronavirus and potential US-China trade war, manufacturing companies are considering moving their plants and units out of China. Uttar Pradesh is preparing itself to grab this opportunity to lure companies and investments to the state. Complete Coverage: Coronavirus
Crux of the Matter
UP to Open Doors for Investment Uttar Pradesh is preparing itself for a sharp economic revival post-COVID crisis by inviting companies and firms to invest and set up plants in the state. CM Yogi asked the Industrial development and MSME department of state (micro, small and medium enterprises) to come up with packages to offer companies leaving China. US-based companies like FedEx, UPS, Cisco, Adobe, Lockheed Martin, Honeywell, Boston Scientific, etc. are in talks with the UP government. Electronic, Food processing, garments, and automobiles industry are more likely to invest there. The government offered UPS and FedEx to use Jewar airport in Greater Noida and Purvanchal Expressway. Lockheed Martin is expected to get space in UP’s Defence corridor.
Many companies appear to be disenchanted with China. If a company or investor wants to invest in the state, Chief Minister Yogi Adityanath will give them a special package and facility. Awanish Awasthi, Additional Chief Secretary (Home)
Uttar Pradesh has a large workforce which can be beneficial to the companies. State connectivity in terms of road, railways, and airports will result in smooth operations. The UP government is also changing its industrial and sectoral policy to lure companies. The state government will help in relocating the plants from China. The state is also coming up with new policies for land acquisition plans to allocate land.
Big Plans Migrant labors of UP are affected very severely by COVID-19. To support the state economy, CM Yogi has vowed to create 15 lakhs jobs. The government is going to implement schemes like MSME, ODOP, NRLM, horticulture and food processing, Deendayal Upadhyay Swarozgar Yojana, Skill Development Mission, Khadi Village Industries and MNREGA to reach the goal. CM ordered to set up ‘Youth Hub’ to give a platform to learn and apply skills. UP govt’s step may support migrant workers who had to come back due to the pandemic as it will be creating employment within the state in a post-COVID UP.
Curiopedia
Apple recently announced plans of assembling its iPhone in India, which was previously assembled only in China. Apple iPhone is one of the most sold products with over 1 billion iPhones sold since its inception.
Kanpur in Uttar Pradesh had the first woolen textile mill in India. Because of its textile industries, Kanpur was called the Manchester of India. This nickname was also shared by Ahmedabad.
The economy of Uttar Pradesh is the fifth largest of all the states of India. According to the state budget for 2017–18, Uttar Pradesh’s gross state domestic product is ₹16.89 lakh crore ($240 billion).
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