Close on the heels of the Uttar Pradesh Global Investors Summit and state Chief Minister Yogi Adityanath promising to touch the $1 trillion mark economy in the next five years, UP budget announced today has been keenly watched by India Inc. Importantly, with general elections slated for next year, the Centre’s dependence on the performance of the country’s most populated state has risen.
UP with an average growth rate of 7 per cent between 2015-16 and 2019-20, it registered a gross state domestic product (GSDP) of about Rs 20 trillion in 2022-23. In 2015-16, it was only Rs 11 trillion.
Though this is Adityanath’s seventh Budget and the second after he won the second term, the chief minister said, “Today, we have presented the first budget of ‘Amrit Kaal’. This budget will help in making UP self-reliant on the lines of self-reliant India. This budget will serve as the foundation to make UP’s economy a $5 trillion economy in the next five years.
At Rs 6.50 lakh crore, UP’s budget is among the biggest in the country. Last year UP had a Rs 6.15 lakh crore budget. Amid setting an investment target of Rs 10 lakh crore this year, the focus has been on infrastructure, women and youth.
With general elections approaching amid a sharp rise in global uncertainties, Prime Minister Narendra Modi will have to seek more cooperation from the BJP ruled states and their chief ministers as he sets higher growth targets.
“UP will play an important role in India’s growth journey of becoming a $5 trillion economy since the state government targets to touch the $1 trillion economy. The Global Business Summit was a huge success and investors are now coming into the state after the improvement of the law and order situation,” Gopal Krishna Agarwal, BJP’s national spokesperson on economy, told India Narrative.
Uttar Pradesh Finance Minister Suresh Kumar Khanna, who presented the Budget earmarked Rs 21,159 crore for construction of new roads and flyovers. Another Rs 6,209 crore has been provided for maintenance and repair of the existing roads and highways. That apart Rs 1,525 crore has been allocated for construction of rural roads.
Sources said that the UP government is regularly monitoring the ongoing projects to ensure timely completion.
Meanwhile, this month has been busy for the state as it hosted several international conferences including the G20 and Shanghai Cooperation Organisation summits besides the global investors’ meet.
Overall 11 G20 meetings will be held in various cities in UP.
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PM Modi to inaugurate UP Global Investors Summit tomorrow in Lucknow
