UP Will Achieve $1 Trillion Economy Milestone By 2029: CM Yogi Adityanath

CM Yogi Adityanath said that his government has identified 10 key sectors to drive economic growth which can help forward Uttar Pradesh to the 2029 goal.

The CM criticised the opposition, stating that those who question Uttar Pradesh’s potential to achieve a $1 trillion economy in five years are driven by negativity.

Source : PTI

Chief Minister Yogi Adityanath said that Uttar Pradesh would achieve a $1 trillion economy by 2029 during the fourth day of the Assembly's budget session. He said that the state was rapidly progressing toward becoming India’s largest economy. He noted that the state’s economy has grown from Rs 12 lakh crore to a projected Rs 27.5 lakh crore

He criticised the opposition, the chief minister said that those who refuse to recognize India's progress as a developed nation also question Uttar Pradesh's economic growth. He emphasized that India has become a major global economy, which may not align with the interests of those driven by personal agendas. He said that India is the fifth-largest economy globally and is likely to become a $5 trillion economy by 2027.

CM Yogi Adityanath said that his government has identified 10 key sectors to drive economic growth: industrial development, agriculture, social security, urban development, revenue collection, education, health, tourism, and the service sector. He emphasised that each sector undergoes a monthly review, with him personally conducting a quarterly assessment to ensure progress and accountability.

He pointed to the success of the Global Investors Summit 2023 and said that the event attracted investment proposals worth Rs 40 lakh crore, of which Rs 15 lakh crore has been materialised which led to the beginning of several industries. This investment is expected to generate employment opportunities for 60 lakh youth. 

Adityanath stated that the state's Credit-Deposit (CD) ratio, which previously stood at 44 per cent, has now surpassed 60 per cent. This increase signifies that a larger share of the state's capital is being reinvested within Uttar Pradesh, boosting economic growth and development.

He said due to Prime Minister Narendra Modi’s vision, people now have substantial savings which demonstrated increased purchasing power and financial security.

Marking a major boost for young entrepreneurs, the Uttar Pradesh government launched the 'CM Yuva Udyam Yojana' – a scheme that provides interest-free bank loans of up to Rs 5 lakh in the first phase, with the second phase extending loans up to Rs 10 lakh.

The tourism sector in Uttar Pradesh has witnessed a remarkable boom, with the Mahakumbh alone expected to attract over 60 crore devotees, further solidifying the state's global recognition. The mega event is projected to contribute Rs 3 lakh crore to the state’s economy, providing a significant boost to its growth trajectory.

Adityanath criticised the opposition, stating that those who question Uttar Pradesh’s potential to achieve a $1 trillion economy in five years are driven by negativity, while his government remains committed to its vision. He accused the previous Samajwadi Party government of turning Uttar Pradesh into a ‘BIMARU’ state, pushing it to the sixth or seventh position in India’s economic rankings. "However, due to the double-engine government’s efforts over the last eight years, Uttar Pradesh has now emerged as India’s second-largest economy," he asserted.

Adityanath pointed out the changes in Uttar Pradesh’s agricultural sector, stating that before 2017, farmers faced severe distress, but now, they are thriving. In the past, financial hardships led to a rise in farmers' suicide, however, they now receive one and a half times the price of their produce. He pointed out that paddy farmers earn Rs 2,300 per quintal against a production cost of Rs 1,100 per quintal, while wheat farmers receive double their cost.

CM Adityanath emphasised that payments are now processed within a week, which has put the state as the leading sugarcane-producing state in the country and a top player in ethanol production.