Adityanath reviews UP's USD 1 trillion economy plan reaffirms commitment

Lucknow, Oct 18 (PTI) Chief Minister Yogi Adityanath held a key meeting on Friday to discuss ongoing efforts, results achieved so far, and future policies aimed at realising the goal of transforming Uttar Pradesh into a USD 1 trillion economy.
     The meeting was attended by various ministers, senior government officials, advisors, and experts, with the Chief Minister reviewing the progress in all sectors, according to an official statement.
     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, it stated.
     Outlining major guidelines during this special meeting, Adityanath said 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 our GSDP target is Rs 32 lakh crore. With the cooperation of all, this target will also be achieved," he said.
     "In these seven years, GDP and per capita income have more than doubled. Today, Uttar Pradesh is becoming the growth engine of the country's development as the second-largest economy of the country," the CM said.
     Adityanath said the government's 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.
     He said 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, he noted, and added that similar was the situation in other sectors as well.
     "Overall, in 2023-24, the gross value added has been 23.24 lakh crore as compared to the estimated GSVA (Gross State Value Added) of 23 lakh crore for the state. This situation shows the better condition of the economy," Adityanath said.
     The CM said the contribution of all departments is crucial to achieving the USD 1 trillion target.
     "This is an ambitious goal, and last year's report card reflects the proactive efforts of the departments. Our policy and planning are on the right track, but we need to accelerate our pace to meet this significant target. Regular monitoring is essential, and to facilitate this, a nodal officer should be appointed in each department," he said.
     "The nodal officer will conduct weekly review meetings, with fortnightly reviews at the Principal Secretary level and monthly reviews at the departmental minister level," he added.
     He also stressed that "accurate data collection" is essential for success and it is important to establish communication and coordination with the Ministry of Statistics and Program Implementation (MoSPI) to leverage their expertise.
     "We should organise workshops and training sessions for statistical officers within each department to ensure accurate assessments. The higher the quality of our data, the more effectively we can work toward our goals," he said.
     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," Adityanath said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)