Uttar Pradesh chief minister Yogi Adityanath has stressed on boosting the state’s growth rate to achieve the ambitious $trillion economy target.
Chairing a review meeting in Lucknow yesterday, Yogi said owing to the planned efforts in the last 7 years, the state is currently on a strong economic footing.
The Gross State Domestic Product (GSDP) of UP was Rs 16.45 trillion in 2020-21, which increased to Rs almost Rs 25.50 trillion in 2023-24.
“UP is contributing 9.2% to the national income. Today, UP is becoming the growth engine of the country, emerging as the second-largest economy in the country,” he added.
Extrapolating the state’s economic growth rate against national standards, UP’s efforts yielded commendable results, the CM noted.
In 2021-22, the growth rate of UP at current prices was 20.1%, while at constant prices it was 9.8%.
Similarly, in 2023-24, a growth rate of 8% was recorded at constant prices and a 12.8% at current prices.
“These figures indicate that UP is steadfastly progressing along the path of development. It is imperative for us to further advance our efforts in a meticulously planned manner,” he said.
Meanwhile, the Compound Annual Growth Rate (CAGR) of UP between 2021-22 and 2023-24 stood at roughly 15.7%.
“To achieve the target of One Trillion Dollar Economy (OTDE) by 2027, we will have to more than double our growth rate. Our objective is well-defined, and it requires collective efforts towards implementing the right policies and meticulous execution,” Yogi observed.
In the meeting, the UP planning department and 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.