In 100 days, Yogi government 2.0 goes full steam ahead with measures on economy
Some of the measures that the Yogi government has initiated include a proposal to hold a global investors’ summit next year to attract ₹10 lakh crore investment and the likely appointment of a consultant to draw a roadmap to boost the size of the GSDP to a trillion dollars (2022-2027)
Uttar Pradesh chief minister Yogi Adityanath has used the first 100 days of his second term to draw broad outlines of economic progress with measures to attract more investment and make the state a trillion-dollar economy.
Some of the measures that the Yogi government has initiated include a proposal to hold a global investors’ summit next year to attract ₹10 lakh crore investment and the likely appointment of a consultant to draw a roadmap to boost the size of the GSDP (Gross State Domestic Product) to a trillion dollars (2022-2027). The government also aims to make the Uttar Pradesh economy the second largest in the country and achieve a credit deposit ratio of 60% in the next five years.
At the same time, the Yogi government 2.0 faces the challenge of moving at a much faster pace to achieve the objectives of becoming a trillion-dollar economy or the second largest economy. A falling rupee vis-à-vis the US dollar makes the task of becoming a trillion-dollar economy in five years more challenging. Uttar Pradesh is the third largest economy in the country after Maharashtra and Tamil Nadu. It has to grow faster to make a mark and become the second largest economy.
The chief minister has set targets for six months, one year and the five-year period. The state government’s departments are reviewing all the major policies. Besides, new policies for various sectors are likely to be in place in the next few weeks/months. The Yogi government presented its largest-ever budget of ₹6.15 lakh crore for 2022-2023 on May 26. It organised the third ground breaking ceremony on June 3 to mark the implementation of investment of ₹80,000 crore. It claims investment of ₹3 lakh crore has been implemented in Uttar Pradesh in the past five years.
The state government proposes to hold more loan melas to increase the CD ratio to 60% in the next five years.
Minister for finance Suresh Khanna has said the state government has distributed ₹50,000 crore loans against the target of ₹21,000 crore for the first 100 days. In terms of beneficiaries the number has gone up to 40,000 against a target of 21,000, he said.
“The Yogi government 2.0 is focusing on job creation through recruitment drives in government departments and providing incentives to private entrepreneurs. At its third groundbreaking ceremony on June 3, the foundation of 1406 projects worth ₹80224 cr investment was laid. It presented its largest ever budget of ₹6.15 lakh crore, which sought to advance the agenda of development with welfare of people. The Yogi government can take pride in the fruitful completion of the first 100 days and it augurs well for its resolve to make Uttar Pradesh the best state and economy in India,” said Professor Yashvir Tyagi, former head of department, political science, Lucknow University.