Uttar Pradesh on track to become One Trillion Dollar Economy, speed needs to double: Chief Minister Yogi Adityanath

Lucknow (Uttar Pradesh) [India], June 10 : At a high-level meeting on Monday, Uttar Pradesh Chief Minister Yogi Adityanath discussed the ongoing efforts, current results, and future policies aimed at making Uttar Pradesh a one trillion-dollar economy.
Various ministers of the state government were present in the meeting organised by the Planning Department.
In the meeting, the Principal Secretary of the Planning Department and the Consulting Agency Deloitte India provided detailed sector-wise information about the state's current economic environment and potential future outcomes, as well as industry expectations. The Chief Minister emphasised that all ministers and senior officials should make special efforts to enhance ease of living and maximise employment generation.
He encouraged them to study and implement best practices from both the country and the world as needed.
CM Yogi Adityanath said, "Owing to the planned efforts made in the last 7 years, the economy of Uttar Pradesh is in an all-time best position today. The total GDP of the state was 16.45 lakh crores in 2020-21, which has increased to more than 25.48 lakh crores in 2023-24. Uttar Pradesh is contributing 9.2 percent to the national income. Today, Uttar Pradesh is becoming the growth engine of the country, emerging as the second-largest economy in the country."
He said that when assessing the state's economic growth rate against national standards, efforts have yielded commendable results.
"In 2021-22, the growth rate of Uttar Pradesh at current prices was 20.1 percent, while at constant prices it was 9.8 percent. Similarly, in 2023-24, a growth rate of 8 percent was recorded in the state at constant prices and a 12.8 percent growth rate at current prices. These figures indicate that Uttar Pradesh is steadfastly progressing along the path of development. It's imperative for us to further advance our efforts in a meticulously planned manner," he said.
He said that the Compound Annual Growth Rate (CAGR) of the state between 2021-22 and 2023-24 has been recorded at around 15.7 percent.
"This situation is encouraging. To achieve the target of One Trillion Dollar Economy (OTDE) by the year 2027, we will have to more than double our growth rate in the next 5 years. All departments will have to intensify their efforts. Better planning will have to be done. Our objective is well-defined, and it requires collective efforts towards implementing the right policies and meticulous execution," he added.
He said that accurate data collection is imperative. "Conduct workshops and training sessions for statistical officers department-wise to ensure precise assessment of various sectors' status. The purity of data directly correlates with our ability to effectively work towards our goals," he said.
He said that prioritizing ease of living and employment generation is paramount for the government. It is imperative for everyone to explore and analyze the best practices from both national and international contexts, implementing them in the state as deemed necessary.
He said that Uttar Pradesh has a lot of potential. "There is a huge landbank. There are adequate water resources. There is fertile land. Today we have a favorable opportunity. We have to take full advantage of it. The progress of all departments should be reviewed relative to the targets set for economic betterment," he said.
CM Yogi said that Uttar Pradesh possesses immense potential with a vast land bank, abundant water resources, and fertile land. Efforts like digital crop surveys have been made. It has to be implemented effectively in all 75 districts. Concrete efforts are needed to double the growth rate of production of grains, fruits and vegetables.
He further said that state-level schemes have delivered promising outcomes in bolstering the state's self-reliance in pulses and oilseed production. "In the year 2023-24, an increase of 9.2 percent in pulses production, 28.8 percent in peanut production and 11.92 percent in milk production has been observed. Additionally, commendable progress has been made in egg and fish production. Various high-yield species varieties have been incorporated into different crops. There is a need to further improve crop diversification and better supply chain management," he added.
The mantra of Reform, Perform and Transform has shown the best results in the secondary sector of the economy.
"MoUs worth Rs 12.7 lakh crore have been signed for the manufacturing sector alone. Industrial power consumption has increased by 6.8 percent. Conduct survey of units established in the Industrial Authority area, and identify unused plots. New industrial corridors are being established. Work has started on 44 new townships. District income estimates should be prepared in a better way for the correct assessment of the unorganized sector," he added.
Yogi said that the state is experiencing rapid advancement in the tertiary sector, encompassing industries such as hotels/restaurants, transportation, communication, real estate, professional services, public services, defense, and other services. Remarkable progress has been witnessed in tourism-related services, with Uttar Pradesh emerging as the state with the highest tourist arrivals in 2022, as per the report by the Ministry of Tourism, Government of India, released in 2023.
He further said that the state holds vast potential for religious tourism, with Ayodhya, Mathura-Vrindavan, Kashi, Prayagraj, and Naimisharanya serving as significant centers.
"These areas have witnessed significant transformations over the past seven years, leading to an unprecedented increase in tourist footfall. This surge in tourism is poised to greatly stimulate the local economy. Get a study done on this. Additionally, preparations are underway for the upcoming Prayagraj Maha Kumbh next year, which is anticipated to draw millions of visitors and significantly impact the state's economy. A comprehensive study on this event is imperative," he added.
He further said that in addition to targeting domestic tourists, a concrete action plan to attract foreign visitors as well must be devised.
He said that there has been an increase of 36.7 percent in the total (commercial) vehicles registered in the state in 2023-24 as compared to the year 2022-23. The state's share in the total registered vehicles in the country is 12.7 percent. Policy efforts should be made to increase it further.
He said that the unemployment rate of the state, which was 6.2 percent in 2017-18, has come down to 2.4 percent today. "Along with this, there has been an unprecedented improvement in the female labour force. It was 13.5 percent in 2017-18 and today it has reached 31.2 percent in 2022-23," he added.
He said that to achieve the target of OTDE, the state government will have to increase private and public investment further.
"Continue the sequence of policy reforms. Out of the investment proposals of Rs 40 lakh crore received in the Global Investors Summit, projects worth more than Rs 10 lakh crore have been implemented. Review the remaining MoUs, and communicate with investors. We should prepare for the next GBC as soon as possible," he added.
He said that the process of contact and communication with investors should be continued. Also, communicate with new sectors and new investors. Make them aware of the USP of the state. There is a need to further improve investor outreach.
"Investors will need land for the implementation of their projects. All development authorities will have to make extra efforts. Mark the land which is allotted but is not being used. Make appropriate decisions about them. Identify 'sick units' and decide about their proper utilization. The action plan of the industrial cluster should be taken forward," CM Yogi said.
He further added that the target of every department for OTDE is already fixed. "Continuous review of its progress is necessary. Monthly progress review should be done by the Planning Department with the Departmental Minister and ACS/Principal Secretary. One sector should be reviewed every week at the Chief Secretary level. Activate the District Industry Centers further," he added.