Uttar Pradesh Chief Minister Yogi Adityanath, on Friday, held an important meeting to discuss ongoing efforts, results achieved so far, and future policies aimed at realising the goal of transforming the state into a one trillion-dollar economy.
The chief minister reviewed the progress in all 10 sectors.
Deloitte India, the consulting agency, provided detailed sector-wise insights into the current economic environment of the state, including anticipated future outcomes and industry expectations.
The chief minister outlined major guidelines during this special meeting.
Due to planned efforts of the last seven years, the economy of Uttar Pradesh is in an all-time best condition today. The total GDP of the state in 2021-22 was Rs 16.45 lakh crore, which has increased to more than Rs 25.48 lakh crore today in 2023-24. This year the state’s GSDP target is Rs 32 lakh crore.
The efforts for sector-wise development are yielding unexpected results. More growth has been seen as compared to the target set for Gross Value Added (GVA) for different sectors for the financial year 2023-24. The estimated GVA for agriculture and allied sectors has been Rs 5.98 lakh crore as compared to Rs 5.85 lakh crore, manufacturing Rs 2.79 lakh crore as compared to Rs 2.48 lakh crore, an increase of 129 per cent has been registered as compared to the estimated GVA of transport, storage and communication. The growth rate of trade, hotels, transport and communication services related to broadcasting has increased.
The chief minister pointed out that the contribution of all departments is crucial to achieving the $1 trillion target. This is an ambitious goal, and last year’s report card reflects the proactive efforts of the departments. The policy and planning are on the right track, but we need to accelerate our pace to meet this significant target, he added.
In 2023-24, the state recorded a Compounded Annual Growth Rate (CAGR) of approximately 16 per cent, which is promising. Our target for the current year is 25 per cent, and all departments must intensify their efforts to achieve this goal. Our objectives are clear, and it will require collaborative action to implement effective policies and strategies, the chief minister stressed.
Significant efforts are needed to double the growth rate of grain, fruit and vegetable production. Initiatives like ‘per block one crop’ should be promoted within the horticulture sector. We must train farmers, provide necessary resources and encourage them to embrace innovative practices, he added.
The principle of Reform, Perform, and Transform has yielded excellent results in the secondary sector of the economy. The rapid growth of the manufacturing sector is promising. To meet future demands, we must intensify our efforts to expand the land bank, implement policy reforms and enhance the ease of doing business, he added.
Land will be essential for industrial projects, and everyone must make additional efforts. We have made arrangements to utilise gram samaj land for industrial development and micro, small and medium enterprises (MSMEs). The land pooling policy needs further refinement. Identify land that has been allocated but remains unused and make informed decisions regarding it. We must also identify ‘sick units’ and determine appropriate actions for their revitalisation. The action plan for industrial clusters should be advanced, the chief minister stated.
Investment and land acquisition cases should not remain unresolved. District magistrates will be held accountable for any delays. It is crucial to implement MoUs effectively. The processes for various approvals must be time-bound, with approvals automatically granted upon the expiration of the stipulated time frame. The public grievance system should be enhanced to provide better assistance, he added.
To achieve the one trillion-dollar economy (OTDE) goals, we need to further increase both private and public investment. Ongoing engagement with investors is essential, as well as outreach to new sectors and prospective investors. We must promote the unique selling propositions (USPs) of our state and improve our investor outreach efforts. The single-window system should be made simpler and more transparent to facilitate investment, he stressed.
The energy sector must focus on future needs. The state government has introduced a policy to promote non-conventional energy sources, and we are receiving positive responses from investors in the solar and biomass sectors. We need to enhance our solar energy capacity and strive to expand the coverage of the PM Surya Ghar Yojana throughout the state, he added.
Concrete efforts must be undertaken to enhance the transport sector. We should implement bus services in underserved areas and seek collaboration with the private sector. A Waterway Transport Authority has been established and we expect to see positive results in this area shortly, he pointed out.
We are receiving substantial proposals from the private sector for hospitals, housing, and hotels, indicating significant growth potential in this sector. It is essential to simplify regulations while considering practicality and understanding investors’ expectations. This entire sector will contribute positively to both economic development and the improvement of living standards, he added.
Targets for each department regarding the OTDE have already been established. Continuous progress reviews are crucial, alongside the capacity building of every department. An action plan for reforms should be developed and implemented with clear deadlines for each task. Notably, this is the same state that generated just Rs 12,000 crore in excise revenue in 2016-17, which has now increased to Rs 52,000 crore. This demonstrates that the issue was not a lack of capability but rather a lack of willpower, he stated.
