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The Uttar Pradesh government, facing the challenge of boosting the Gross State Domestic Product (GSDP), is set to review progress toward the goal of making the state a trillion-dollar economy.
Regular reviews of the state’s economic progress are ongoing at various levels, including the chief secretary level. There are indications that Chief Minister Yogi Adityanath will soon conduct a comprehensive review, according to Alok Kumar, Secretary of the State Planning Department.
The Uttar Pradesh government had previously signed a Memorandum of Understanding (MoU) with Deloitte India on August 5, 2022, appointing them as consultants to develop a roadmap for the state’s growth.
This forthcoming review at the chief minister’s level follows an increase in Uttar Pradesh’s GSDP from ₹19.74 lakh crore in 2021-2022 to ₹22.57 lakh crore in 2022-2023. Projections for the GSDP in 2023-2024 are estimated to be ₹24.39 lakh crore. To reach the target of becoming a trillion-dollar economy, Uttar Pradesh’s GSDP needs to grow at 28.92 percent per annum over the next five years, assuming an exchange rate of about ₹80.4 to a US Dollar. The current GSDP size for 2022-2023 is approximately 280.7 billion USD.
While the state’s economy has yet to achieve the required pace of GSDP growth, there is optimism that the substantial push for infrastructure development, exemplified by the UP Global Investors Summit-2023, will gradually manifest in higher GSDP growth in the coming years, as noted by Professor Yashvir Tyagi, former head of the Department of Economics at Lucknow University.
