UP has become second-largest economy in country, says CM Yogi

Lucknow (Uttar Pradesh) [India], June 27 : Uttar Pradesh Chief Minister Yogi Adityanath said on Thursday that the state has improved its rank from the sixth-largest economy in 2017 to the second-largest in the country in the last seven years.
CM Yogi was addressing an event at the Lok Bhavan auditorium on International MSME Day on Thursday.
"Uttar Pradesh is home to over 9 million MSME units. In 2017, the state had the sixth-largest economy in India, but today, it has become the second-largest economy in the country. Economic growth has made UP a leader in employment generation. MSME entrepreneurs have been crucial in advancing the state's economy," he said, while adding that UP is fortunate to have a long tradition of local artisans and craftsmen.
"However, the lack of proper incentives has led to a decline in the micro, small, and medium enterprises sector in recent decades. By 2017, MSME entrepreneurs faced frustration and disappointment, and the state was lagging behind in economic and employment growth," he added.
Recognising that MSMEs are the second largest sector for employment generation after agriculture, CM Yogi mentioned that continuous efforts since 2017 have revitalised the MSME units. Today, this sector stands as the backbone of Uttar Pradesh's development, he remarked.
CM Yogi stated, "Uttar Pradesh has successfully showcased its MSME products at the International Trade Show."
He announced that entrepreneurs will now have access to loans exceeding Rs 20,000 crores. Additionally, efforts have been made to revive struggling units under the RAMP scheme, and significant steps have been taken to elevate enterprises to new heights.
With over 9 million MSME units in the state, substantial progress has been made in branding, marketing, and promotion. He also mentioned that the newly inaugurated Rani Laxmibai Pledge Park in Jhansi is the 11th Pledge Park in the state. These parks are highly beneficial for private-sector entrepreneurs.
The Chief Minister stated, "Uttar Pradesh had created a more favourable investment environment, with a strengthened rule of law and security system, which are crucial for industries."
He emphasised the importance of MSMEs in this industrial environment. He also highlighted the ongoing development of a defence corridor in the state, aimed at making the country self-reliant in defence production. An investment of 24,000 crores has already been implemented, he informed.
Notably, the MSME policy was introduced in the state during the COVID period, and the Chief Minister outlined its benefits, including the successful advancement of the flatted factory initiative.
He also announced that, like last year, the International Trade Show will be held in September. Last year, the show attracted 70,000 buyers, which is expected to increase this year. The show provides an excellent opportunity to market the state's products effectively.
CM Yogi stated that the state government offers Chief Minister Udyam Bima to MSME entrepreneurs, with over 2.4 million registered entrepreneurs. This scheme provides up to Rs 5 lakh in benefits in case of a disaster. Additionally, under Chief Minister Yuva Udyam Vikas Abhiyan, steps have been taken to offer interest-free loans of up to Rs 5 lakh, aiming to support 1 million micro-entrepreneurs over the next decade. Extending his best wishes to all entrepreneurs on International MSME Day, the CM assured that the government supports its entrepreneurs at every level.
On this occasion, CM Yogi initiated the disbursement of Rs 20,000 crore in loans by banks to MSME units. He also distributed loans to beneficiaries of the PMEGP, MYSY, ODOP, and Mudra Yojana and handed out toolkits to recipients of the Vishwakarma Shram Samman Yojana, ODOP, and KVIB. Additionally, he inaugurated the Pledge Park in Jhansi and launched the RAMP (Raising and Accelerating MSME Performance) scheme.
On this occasion, MSME Minister of the State Government Rakesh Sachan, IIDC Manoj Kumar, Principal Secretary Alok Kumar, and Sameer Ranjan Panda, along with other dignitaries, handicraftsmen, artisans, bankers, entrepreneurs, and experts from across the state, were present.
On International MSME Day, the Chief Minister distributed toolkits to Vishwakarma Shram Samman beneficiaries Gurdeep Singh of Sitapur, Akanksha Gautam of Lucknow, Ruby Devi of Lucknow and Madhuri Sharma of Gorakhpur. Apart from this, Ranjit of Lucknow, Sanjay Kumar of Barabanki, and Kallu Kumhar of Lucknow were felicitated.
Along with this, loans were provided to Pushp Kumar Singh, Sadhna Singh, Alok Kumar Gupta, Amit Singh, Devendra Kumar Mishra, Ramesh Narayan Dubey, and Mohd. Adil Beg for various enterprises.