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Yogi govt’s efforts in Uttar Pradesh’s industrialization bearing fruit

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  • UP records significant growth in the number of factories, employment, output value, as per ASI data from MOSPI
  • MCA’s latest data signifies UP leading with the highest growth rate of newly active companies

By Our Correspondent

Lucknow: Owing to the ongoing efforts of the Yogi Adityanath-led government to accelerate industrialization of Uttar Pradesh, the state has recorded significant growth in various crucial indicators, as per the data of the Annual Survey of Industries (ASI).

According to the latest ASI data released by the Ministry of Statistics and Program Implementation (MOSPI) for the financial years 2020-21 and 2021-22, Uttar Pradesh has recorded significant growth in crucial indicators such as the number of factories, employment, and output value. Moreover, the latest report from the Ministry of Corporate Affairs (MCA) also indicates positive developments.

Notably, as per the latest database from the Ministry of Corporate Affairs, Uttar Pradesh is leading in terms of the highest development rate among new active companies in the state.

The positive development in the ASI data released by MOSPI indicated a clear rise in Uttar Pradesh’s share in India. From 2016 to 2020, the number of factories increased with a Compound Annual Growth Rate (CAGR) of 1.4 percent, while India’s share remained relatively constant at around 6.6 percent.

Furthermore, post-pandemic, there has been a 6 percent growth in factories in the financial year 2022 compared to 2021, with the share also increasing from 6.6 percent to 7 percent.

Similarly, employment increased at an compound annual growth rate (CAGR) 4.7 percent from 2016 to 2020 in UP, compared to India’s 6.6 percent which rose to 6.8 percent. After the pandemic, in the financial year 2022, 14 percent growth was witnessed in employment compared to 2021, with the share also increasing from 7.1 percent to 7.6 percent.

As for gross value added (GVA), there has been a 7 percent growth from the financial year 2016 to 2020, with the share in India increasing from 5.1 percent to 5.7 percent.

Post-pandemic, there was a remarkable 28 percent growth in GVA in the financial year 2022 compared to 2021, with the share also rising from 5.8 percent to 5.9 percent.

Meanwhile, according to the latest database from the Ministry of Corporate Affairs (MCA), Uttar Pradesh is leading in terms of the highest development rate among new active companies.

During the period from November 2022 to November 2023, Uttar Pradesh has witnessed the highest growth in the number of active companies among the top 10 industrial states, leading with a significant 16.1 percent increase.”

 

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