A delegation from the Indian state of Uttar Pradesh was in Sydney recently to interact with Australian industry and invite investors to attend the upcoming UP Global Investors Summit in the state’s capital Lucknow (10-12 February 2023).
The delegation included Uttar Pradesh’s Minister of Jal Shakti and Disaster Management, Swatantra Dev Singh, CEO of NOIDA and Greater NOIDA and MD NOIDA Metro Rail Corporation, Ritu Maheshwari, CEO of Uttar Pradesh State Industrial Development Authority (UPSIDA), Mayur Maheshwari, and Principal Secretaries Deepak Kumar and Subhash Chandra Sharma. The delegation was hosted by the Indian Consulate in Sydney and the Australia India Business Council (AIBC).
The delegation spoke about the incentives being given by Uttar Pradesh, including rebates and subsidies, for investors. Consul General of India in Sydney, Manish Gupta, and AIBC National Chair, Jodi McKay, also emphasised on the economic bilateral opportunities between the two countries especially after the ECTA agreement at the event.
Uttar Pradesh is estimated to have a GSDP of around US$250 billion in 2022-23 and contributes around 8% to India’s GDP. It is India’s third largest state economy and had a compound annual growth rate of 11.39% between 2015-16 and 2021-22 according to Government data. It is India’s most populous state with a population of over 200 million.
Check the information below for extensive details regarding incentives in various sectors provided by the state from manufacturing to textiles and dairy farming to defence sector.
In an exclusive interview with The Australia Today, UP Minister Swatantra Dev Singh told Pallavi Jain why investors should come to Uttar Pradesh.
CEO of UPSIDA, Mayur Maheshwari, speaking exclusively to The Australia Today also mentioned that UP offers land, labour, capital and technology which are major factors of production and that the state is offering subsidies upto 30% of the capital cost.
At the conclusion of the event, Ms McKay presented Minister Singh with a traditional Australian stole made by Indigenous artists while Minister Singh also presented Ms Mckay with a traditional shawl from UP.
For an economic snapshot of Uttar Pradesh check the information below.