The state of Uttar Pradesh in India has prepared a road map to become a trillion-dollar economy within the next four to five years. The proposal is currently awaiting approval from the state Cabinet after being submitted by consulting firm Deloitte. The plan aims to leverage the state’s potential as India’s largest consumer market, with a network of expressways and airports to facilitate growth. To achieve the goal of a $1 trillion economy for Uttar Pradesh, the corresponding Gross State Domestic Product (GSDP) will have to expand over threefold from the current estimated GSDP of Rs 24.39 trillion in the fiscal year 2023-24.
The blueprint covers various sectors, with a focus on agriculture due to the state’s status as an agrarian economy. The government plans to link farming directly with the market to increase rural incomes and boost the economy.
The administration is additionally enthusiastic about taking advantage of novel investment propositions adding up to approximately Rs 35 trillion, which were exhibited at the mammoth UP Global Investors Summit (GIS) in February of 2023. In point of fact, enterprises adding up to Rs 10 trillion gathered at the GIS will be commenced in the ensuing months. The administration has distributed funding in diverse segments via a yearly budget of Rs 6.9 trillion for 2023-24 to situate the state as a favored investment location not exclusively in India but also in South Asia.
The Honourable Chief Minister, Yogi Adityanath, had previously instructed officials to concentrate their efforts on ten pivotal sectors to enable the state to achieve its goal of becoming a trillion-dollar economy. At present, the administration is meticulously scrutinizing the blueprint proposals and is soliciting input from departments for any necessary alterations.
At present, Uttar Pradesh contributes 8% to India’s annual GDP. With a major thrust on agriculture, the state aims to increase its contribution to the Indian economy in the coming years. The state has abundant fertile land and water resources, making it well-suited for agricultural growth. By linking farming directly with the market, the government hopes to increase rural incomes and create a multiplier effect on the overall economy.
Overall, the state of Uttar Pradesh has put in place an ambitious plan to become a trillion-dollar economy in the near future. By leveraging its potential as a consumer market and through strategic investments in key sectors, the government hopes to create a thriving economy that benefits both rural and urban populations.
