In an effort to transform Uttar Pradesh into a trillion-dollar economy, the Yogi Adityanath government is embarking on a significant initiative to establish a mega textile park.

State Cabinet Minister Rakensh Sachan, during a two-day ‘Uttar Pradesh MSME Conference 2023’, The park, set to be inaugurated by Prime Minister Narendra Modi soon, revealed that the park will be inaugurated by Prime Minister Narendra Modi soon.

The conference was organised by the apex trade body – Associated Chambers of Commerce and Industry of India (ASSOCHAM) here on Monday.

The proposed sprawling textile park, will be developed between Hardoi and Kanpur, making it a highly ambitious project expected to commence within the next one or two months under the esteemed presence of Prime Minister Modi.

Highlighting the government’s commitment to promoting Micro, Small, and Medium Enterprises (MSMEs) and addressing their concerns regarding financial assistance and marketing, Sachan acknowledged the significant packaging challenges faced by small enterprises. Recognising the pivotal role that quality packaging plays in enhancing product value, the state government is actively exploring the establishment of a packaging institute in Lucknow.

Minister further stated, “We are also focusing on the development of multi malls. Three multi malls are proposed for Uttar Pradesh, namely Banaras, Lucknow, and Gorakhpur. We have engaged in discussions with Union Commerce and Industry Minister Piyush Goyal regarding this initiative.”

Underlining the importance of MSME registration, Sachan encouraged more enterprises in the state to come forward for registration. To incentivise the process, the state government provides accident insurance coverage of up to five lakh rupees for registered MSMEs. This initiative has already resulted in a notable increase, with 1.35 lakh new MSME registrations recorded in Uttar Pradesh during the month of June alone. Registered enterprises enjoy easier access to financial facilities from banks and institutions, prompting the state government to provide additional incentives for MSME registration.

He stated that out of the total 90 lakh MSMEs operating in Uttar Pradesh, only 14 lakh small enterprises are currently registered. The government aims to encourage more businesses to formalise their operations, thereby unlocking the potential for growth and development in the state’s vibrant MSME sector.

The inauguration of the mega textile park by Prime Minister Narendra Modi is anticipated to mark a significant milestone in Uttar Pradesh’s economic journey, fostering job creation, enhancing trade opportunities, and positioning the state as a major hub for textile manufacturing and production.

Earlier, Suhail Naithani, President, National Council of ASSOCHAM’s WTO, Trade and Investment, in his welcome address said that MSMEs can be taken to a new high level with the cooperation of the Central and State Governments.

Ramachandran Venkataraman, Co-Chairman, Business Facilitation and Global Competitiveness, Assocham said that MSME is an important sector in terms of providing employment and regional development. Financial facilities and marketing development remain a big challenge in front of them efforts should be intensified in this direction.

Abhishek Kumar Swarnkar of NPCI stressed on the need for small enterprises to adopt more and more digital payment systems. He said that India has given many new things to the world in the past and India has also played a big role in providing digital payments. He said that out of all the digital payments done in the world, 46 percent of the payments have been done in India.

Anupam Mittal, Co-Chairman, Uttar Pradesh Development Council, ASSOCHAM, in his vote of thanks, offered to help in setting up a packaging institute in the state. He also emphasized on the MSMEs without registration to come forward for registration.