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U.P. country’s second biggest economy, will enter $1 trillion club: Yogi
“Our intentions are clear, goals are well defined, we have the right policies, and their implementation is quite precise,” the CM said at a meeting on Monday.
Chief minister Yogi Adityanath said on Monday Uttar Pradesh has emerged as the second largest economy in the country and added that the state was on course to achieving the $1 trillion economy target.
“Our intentions are clear, goals are well defined, we have the right policies, and their implementation is quite precise,” the CM said at a meeting on Monday.
He discussed the ongoing efforts, current outcomes and future policies that are aimed at achieving the ambitious goal of establishing Uttar Pradesh as a one-trillion-dollar economy.
“Due to the planned efforts of the last six and a half years, the U.P’s economy is in the best condition today. The state’s total GDP, which stood at ₹16.45 lakh crore in 2021-22, has now surged to over ₹22.58 lakh crore in 2022-23. With a 9.2% contribution to the national income, U.P. has emerged as the second-largest economy in the country, playing a pivotal role as the growth engine of the country, he said.
An assessment of the state’s growth rate compared to the national standards has also revealed positive results. U.P’s growth rate in current and constant prices in 2021-22 was 20.1% and 9.8% against the country’s growth rate of 18.4% and 9.1% percent respectively. Similarly, in 2022-23, the national growth rate of constant prices was recorded at 7.2%, against the state’s growth rate of 9.8% while the state’s growth rate of current prices was recorded at 14.3% during the period, he said.
In the present scenario, the GDP of the state is estimated to be more than ₹25.55 lakh crore in 2023-24. “To reach the $1 trillion target by 2027 it is imperative that all departments escalate their efforts. Enhanced planning and coordination are essential. Everyone will have to work together with the right policy and planned implementation,” he said.
“For our planning to be in line with the target, it is crucial to gather accurate data. The departments should organise workshops/training for statistical officers at each department level to ensure proper assessment of the situation in various sectors. U.P. possesses significant potential, and the current landscape offers favorable opportunities. We will have to take full advantage of this. The progress of all departments should be reviewed every month by the planning department against the targets set for economic betterment,” he said.
Digital technology has been incorporated to improve the primary segment of the economy, with initiatives such as digital crop surveys being successfully implemented.
“This has to be implemented effectively in all 75 districts. Notably, the area of cultivation and production of sugarcane increased by 26.8% in 2021-22, while horticultural crop production saw a substantial rise of 31.9%. State-sponsored schemes aimed at achieving self-sufficiency in pulses and oilseeds in U.P. are yielding favorable results. However, there is a need to further enhance crop diversification and improve supply chain management,” he said.
He said U.P. has secured the top position in milk production. Additionally, it ranks third in terms of progress in egg production achieving an annual growth rate of 12.80%. This progress is satisfactory.
“Industrial power consumption in the secondary segment has increased by 17.0%. Survey of units established in the Industrial Authority area, identification of unused plots, and establishment of a new industrial corridor are underway. Pledge Parks are being established at 10 places,” he said.
U.P. achieved rapid growth in the tertiary sector with growth in the hotels/restaurants, transport, communication, real estate, professional services, public services, defense, and other services. There has been an unprecedented development in services related to the tourism sector.
“According to the Government of India report in 2023, U.P. got the distinction of having the highest number of tourist arrivals in 2022. In the financial year 2022-23, the state welcomed over 31.8 crore tourists, with Varanasi, Mathura, and Ayodhya emerging as major centers. This positive trend is expected to continue in the coming days,” he said. The chief minister said in addition to catering to domestic tourists, it is imperative to develop a comprehensive action plan to attract foreign tourists and for this, potential countries need to be identified and proper policies formulated.
The principal secretary, planning department and representatives from the financial consulting company Deloitte presented detailed information about the current economic environment of the state. They elaborated on the present situation and potential future outcomes, industry expectations, and other relevant details sector-wise.
