As time is advancing, companies are moving out of China, while foreign investment in manufacturing is increasing in UP. Now it seems that Uttar Pradesh has benefited from the damage done to China in the corona pandemic and is challenging China to become a manufacturing hub.
The coronavirus took a huge toll on this world. Huge economies like the US and China collapsed and were not able to withstand the blow. But it seems that the ongoing pandemic has become a blessing in disguise for countries like Vietnam and India, where companies who have exited from China have invested heavily in these countries. In India, Uttar Pradesh became an industrial hub and attracted most foreign companies that left China, and now stands toe to toe with China giving stiff competition to it in the manufacturing sector.
Uttar Pradesh’s Deputy Chief Minister Dinesh Sharma who also has the portfolio of Information Technology with him said that Major tech giants from countries like China, Taiwan, and South Korea have shown keen interest in establishing their manufacturing units in the Manufacturing cluster of the state in Greater Noida.
Describing the future plan, he said that “after the implementation of UP Electronics Manufacturing Policy-2017, now there is a target to invest Rs 20,000 crore in IT sector and create three lakh jobs in five years by 2022”. The government has now set an ambitious target of bringing an investment of Rs 40,000 crore to Uttar Pradesh and creating four lakh jobs as per the new UP Electronics Manufacturing Policy 2020.
For Boosting the IT sector in the state STPI (Software Technology Park Of India) has alloted 200 cr each to 18 blocks in the state for development.
According to a report, South Korean consumer electronics major Samsung will invest around Rs 5,000 crore in a smartphone display manufacturing facility in Noida. UP’s Industrial Development Minister Satish Mahana claimed that the plant was one of the major projects to be shifted to India after the outbreak of Covid-19 in China.
Due to Corona, companies dumping China are getting all the facilities they need to invest in Uttar Pradesh, which is attracting more and more investment. That is, in the coming time, Uttar Pradesh is moving towards becoming the world’s factory by overthrowing China.