What Are The High Demand Business Opportunities In Uttar Pradesh?
Uttar Pradesh (UP), located in the north-central part of India, is the country’s most populous state. With a population of over 200 million, it is also the world’s most populous subnational entity. GSDP for Uttar Pradesh is expected to total Rs. 21.74 trillion (US$ 294.90 billion) in 2021-22. Between 2015-16 and 2021-22, the GSDP is projected to grow at a CAGR of 11.39 percent. There is wide scope of doing investment in certain businesses in Uttar Pradesh. Those profitable businesses are mentioned below.
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·????????Milk Processing Business
The state is known for its vast production of milk. The state produced around 16.5% of the country's milk in the year 2018-19, which is huge. Therefore, any milk processing or milk-based product can bring-in a lot of profit.
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·????????Power Plant Business
Power business in Uttar Pradesh is flourishing due to the increase in demand for electricity. The state has a number of thermal power plants, which are highly efficient and reliable.
Related Business Plan: Best Business Opportunities in Uttar Pradesh - Identification and Selection of right Project, Thrust areas for Investment, Industry Startup and Entrepreneurship
·????????Textile And Handloom Business
A textile business in Uttar Pradesh has a lot of potential, especially when it comes to the overseas market. India is the second-largest textile producer in the world, and there are a lot of potential customers out there.
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·????????Food Processing Business
The food processing industry is thriving in Uttar Pradesh, which produces horticultural crops and food grains. If you are thinking of investing in this sector, go for it, as it gives a great return.
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·????????Beer And Wine Business
Excise duty and license fees from liquor shops generated Rs 30,061 crore for the state in the financial year 2020-21. Revenues from liquor have almost doubled in the last four years from Rs 17,320 crore to Rs 30,061.
·????????Fertilizer Business
Fertilizers sector Uttar Pradesh is a most prominent business in the industry. As agriculture is a major part of the economy in the state, the fertilizer business is booming in the state.
·????????Concrete Business
Concrete demand in Uttar Pradesh is growing rapidly and the sector has a huge potential for growth. The market for this industry is increasing at a rapid rate of 9% per annum and there is a huge scope for expansion within this market. There are several factors present in this industry which support its growth and development, especially over the next few years.
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·????????Cold Storage Business
The demand of the Cold Chain sector is expected to grow at a CAGR of 9.7% by 2022. The research is based on a combination of quantitative and qualitative factors including current trends, market dynamics, and macro-economic factors.
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·????????Packaging Based Business
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The Packaging Based Projects sector demand has been increasing every year. This sector has also been generating employment opportunities. The companies are taking steps to modernize the industry by applying new innovations and technology, improving the efficiency in their production facilities and making use of the latest packaging materials for more efficient packing of products.
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·????????Material Handling Equipment Business
The Material Handling Equipment sector in Uttar Pradesh has was a well-established industry since 1982 and it has been growing continuously ever since. The demand for Machine Rental in Uttar Pradesh is expected to grow at a CAGR of 5% over the next five years due to growth in construction activities, modernization initiatives, government initiatives, and increased awareness among end users on the benefits of renting machines.
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