India News | Uttar Pradesh Records Growth in Number of Factories, Other Indicators in Annual Survey of Industries
Get latest articles and stories on India at LatestLY. Uttar Pradesh has recorded significant growth in various crucial indicators related to industrialization in state in the data of the Annual Survey of Industries (ASI).
Lucknow (Uttar Pradesh) [India], February 25 (ANI): Uttar Pradesh has recorded significant growth in various crucial indicators related to industrialization in state in 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.
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The positive development in the ASI data released by MOSPI indicated a clear rise in Uttar Pradesh's share in India.
According to the report, "from 2016 to 2020, the number of factories increased with a Compound Annual Growth Rate (CAGR) of 1.4 per cent, while India's share remained relatively constant at around 6.6 percent."
"Furthermore, post-pandemic, there has been a 6 per cent growth in factories in the financial year 2022 compared to 2021, with the share also increasing from 6.6 per cent to 7 per cent," it added.
Similarly, employment increased at an compound annual growth rate (CAGR) 4.7 per cent from 2016 to 2020 in UP, compared to India's 6.6 per cent which rose to 6.8 per cent. After the pandemic, in the financial year 2022, 14 per cent growth was witnessed in employment compared to 2021, with the share also increasing from 7.1 per cent to 7.6 per cent, the report stated.
As for gross value added (GVA), there has been a 7 per cent growth from the financial year 2016 to 2020, with the share in India increasing from 5.1 per cent to 5.7 per cent, it added.
As per the survey, post-pandemic, there was a 28 per cent growth in GVA in the financial year 2022 compared to 2021, with the share also rising from 5.8 per cent to 5.9 per cent.
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 per cent increase. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)