Lacing Up for Growth: UP Puts Leather in the spotlight

Image Source: India Today

The Uttar Pradesh government has rolled out the draft of its Leather and Footwear Policy 2025, a policy aimed at developing the state as a global powerhouse in leather and footwear manufacturing. The policy comes in line with Chief Minister Yogi Adityanath's vision to turn Uttar Pradesh into a USD 1 trillion economy and make it "Udyam Pradesh."

Major points of the policy are:

1. Industrial Park Incentives:
Private industrial park developers will enjoy up to Rs 80 crore capital subsidies and 100 percent stamp duty waiver. Up to Rs 45 crore will go to parks on 25-100 acres and Rs 80 crore for those above 100 acres. Parks should be developed within five years, with at least 25 percent of land reserved for green and open areas.

2. Employment and Investment Opportunities:
The investors need to invest at least Rs 150-200 crore, depending on the type of unit. This project is likely to create 1,000-3,000 jobs per unit, with a likely 20 employment opportunities created for every Rs 1 crore invested.

3. Increasing Exports and Revenue:
Uttar Pradesh, which accounts for 46 percent of India's overall leather exports, seeks to increase production, global brand presence, and state revenue. Agra, Kanpur, and Unnao will be the key drivers, with new hubs such as Lucknow and Bareilly set to grow at a fast pace.

4. Environmental and Economic Objectives:
The policy focuses on sustainable development by providing for green spaces and encouraging eco-friendly approaches. It also aims to invite large investments, thus spurring industrial growth as well as economic growth.

The policy makes Uttar Pradesh a leader in the leather and footwear industry, with the promise of a new era of industrial and economic development.

Sources: PTI, Rediff Money Desk, Indian Express, Live Hindustan.