Government Yogi Adityanath 2.0 will be showcasing Uttar Pradesh (UP) Micro, Small and Medium Enterprises (MSME) Bandwidth at the proposed UP Global Investor Summit to be held in January next year.
The state is targeting Rs 10 trillion in new investments from national and multinational companies in this high priced event.
It is estimated that there are about 9 million MSMEs in the state. The MSME sector alone contributes almost 60% of the annual industrial production of the UP and is the second largest job creator after agriculture and related activities.
To build momentum, the state will hold roadshows to major countries including the United States, United Kingdom, Canada, United Arab Emirates, Sweden, Singapore, Netherlands, Israel, France, Germany, South Korea, Mauritius, Russia and Australia.
Detailing the outline of the summit, UP Chief Minister Adityanath instructed senior officials to dedicate an entire day to MSMEs to highlight the importance of the sector for job creation and galvanizing socio-economic growth. -economic state.
The roadmap gains significance as the state sees itself becoming a trillion-dollar economy.
Meanwhile, Adityanath government will hold dialogues with Netherlands, Japan, Slovakia, Czech Republic, Finland, Mauritius, Thailand, Nepal, Belgium and Sweden to get them to sign as “partners” of the summit.
In fact, a few nations had collaborated with UP as “partner nations” during the 2018 summit, when the state raised almost Rs 4.68 trillion in investment proposals. The state claimed that projects totaling Rs 3 trillion have already been launched.
The state government is also working on a multi-pronged strategy to strengthen the state’s MSME sector. This includes making it easier for MSMEs to market their products through popular e-commerce platforms such as Flipkart and Amazon.
The state is negotiating easier and cheaper working capital loans for its MSMEs, especially under the One District, One Product (ODOP) program – seen as a transformational step towards realizing a district’s true potential , economic growth and generation of employment and rural entrepreneurship — with banks and other financial institutions.
The ODOP aims to revive and fortify traditional and indigenous industries in the state in 75 districts.
As UP has set a target to double merchandise exports to around 3 trillion by 2027, the state government has partnered with Paytm to digitize the MSME landscape.
Last month, the Department of MSMEs and Export Promotion had signed a memorandum of understanding with Paytm’s parent company, One97 Communications, to offer digital payments and loan solutions to MSMEs in the state.
The government plans to more than double MSME exports to Rs 3 trillion over the next five years. Despite the Covid-19 pandemic, the state’s merchandise exports had jumped 30% to Rs 1.4 trillion in 2021-22.
According to the UP’s Additional Chief Secretary, MSMEs and Export Promotion, Navneet Sehgal, the ODOP has turned out to be a “great achievement” for the state’s industrial firmament.
“We are leaving no stone unturned to increase the export of the ODOP basket, as well as doubling employment and self-employment opportunities in the state,” he observed.