Chief Minister Yogi Adityanath may have expressed hope of quadrupling the state’s economy in the next 5 years, but to achieve that the Gross State Domestic Product (GSDP) needs to grow by 31.9% per annum in the current economic climate. Before giving any indication, researchers said.
In the last six years, the economy of Uttar Pradesh has doubled. It also managed to double the per capita income. We did so during a period that included the period of the Covid pandemic. So, there is no doubt that we will grow the economy of the state by 4 times in the next 5 years,” said the Chief Minister while hoisting the national flag in front of the Vidhan Bhawan on Independence Day on Tuesday.
Yogi Adityanath said that Prime Minister Narendra Modi wants to make India a $5 trillion economy and Uttar Pradesh should contribute to that.
Yogi Adityanath has repeatedly asserted that the Uttar Pradesh government proposes to raise GSTP to one trillion dollars in the next five years.
The revised estimates of the state government, in an analysis given with the budget for the year 2023-24, GSTP of Uttar Pradesh. ₹12.47 lakh crore in 2016-17 ₹20.48 lakh crore in 2022-23. is expected to grow up to ₹24.39 lakh crore in 2023-24.
In his budget speech (2023-2024) in the state assembly on February 22, 2023, Finance Minister Suresh Khanna said that Uttar Pradesh’s GSDP has grown by 16.8% in 2021-2022. This is higher than India’s growth rate and GSDP is estimated to grow by 19% (at current prices) in 2023-24, he said.
GSTP of UP ₹20.48 lakh crore, the state has to take its GSTP ₹81.92 lakh crore over the next five years, which appears to be an ambitious target.
„Yes, the required growth rate of GSDP will be 31.9% per annum, which seems to be a very ambitious target to achieve. UP’s economy has come out of the recession caused by the corona virus and is now on a steady growth path. With surplus investment and a surge in infrastructure projects, UP ., is poised to move forward on the path of rapid growth,” said Professor Yashvir Tyagi, former head of the department at Lucknow University.
The compound annual growth rate of gross state domestic product of UP for the period 2016-17 to 2021-22 is 8.28% for the period 2016-17 to 2021-22, as released by the Directorate of Economics and Statistics, GOUP (Government of Uttar Pradesh). However, the state government’s budget includes the amount of GSTP for 2022-23 ₹20.48 lakh crore and GSTP for 2023-24 will be Rs 24.39 lakh crore. If these estimates are met, it will mean that GSDP at current prices will grow at an encouraging rate of 19.09% in the current year,” he added.
„If the current GSTP level (20.48 lakh crore) is to be quadrupled in the next five years, the growth rate of GSTP required would be 31.9% per annum, which seems very ambitious,” he said.
A request for proposal (RFP) to select a consultant may indicate that the state government (now tasked with drawing up the roadmap for raising the trillion-dollar GSTP) agreed. It will be taken up by the state government to move forward.”
How the Yogi government started working on the trillion dollar economic goal
After Prime Minister Narendra Modi unveiled the idea of making the state a trillion dollar economy at the Uttar Pradesh Investors Summit 2018 in Lucknow on February 21, 2018, Chief Minister Yogi Adityanath has started consultations at various levels to achieve the goal.
Ministers and officers of the state government attended a brief learning session at the Indian Institute of Management (IIM) Lucknow on September 8, 2019 to learn some lessons in governance, development, political management and acquire skills to improve delivery of government schemes. The IIM team later organized two more learning sessions.
On July 19, 2022, the Uttar Pradesh Cabinet approved a proposal to appoint Deloitte Touche Tomatsu India as a consultant to develop a roadmap for scaling up GSTP to $1 trillion over five years.
Deloitte Touché Tohmatsu India submitted the draft map on November 6, 2022. The state government sent the draft map to all departments and their suggestions were incorporated in the final map.
Earlier, Prime Minister Narendra Modi while addressing the UP Investors Summit-2018 said: Can Maharashtra and Uttar Pradesh compete to become trillion dollar economies? Will the Uttar Pradesh government compete with other states? The higher the competition, the higher the investment. This will result in more employment opportunities and strengthen the concept of cooperative federalism.
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