The state government’s efforts to promote industrialization through favorable policies have received a boost from a strong investor response, as indicated by the data from the Annual Survey of Industries (ASI).
The latest ASI data released by the Ministry of Statistics and Program Implementation (MOSPI) for the financial years 2020-21 and 2021-22 shows significant growth in key indicators such as the number of factories, employment, and output value in Uttar Pradesh.
Furthermore, the most recent report from the Ministry of Corporate Affairs (MCA) also reflects positive developments.
According to the latest data from the Ministry of Corporate Affairs, Uttar Pradesh stands out for having the highest growth rate among new active companies in the state, as announced by the government on Sunday.
Between 2016 and 2020, the number of factories in UP increased at a Compound Annual Growth Rate (CAGR) of 1.4%, while India’s share remained steady at around 6.6%.
Post-pandemic, there was a six percent rise in factories in the financial year 2022 compared to 2021, with the share increasing from 6.6% to 7%.
Likewise, employment in UP grew at a CAGR of 4.7% from 2016 to 2020, compared to India’s 6.6%, which then rose to 6.8%.
In the financial year 2022, there was a 14% increase in employment compared to 2021, with the share also rising from 7.1% to 7.6%.
In terms of gross value added (GVA), there was a seven percent growth from 2016 to 2020, with the share in India increasing from 5.1% to 5.7%.
Following the pandemic, there was a notable 28% growth in GVA in the financial year 2022 compared to 2021, with the share also rising from 5.8% to 5.9%.
Moreover, according to the latest data from the Ministry of Corporate Affairs (MCA), Uttar Pradesh leads in terms of the highest development rate among new active companies.
From November 2022 to November 2023, Uttar Pradesh saw the highest growth in the number of active companies among the top 10 industrial states, leading with a significant 16.1% increase.
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