From Modi’s Vision to Yogi’s Execution: Uttar Pradesh’s Trillion-Dollar Economy Goal
The Uttar Pradesh government has devised a plan to attain the goal of transforming the state into a trillion-dollar economy within a span of five years (2027-28).
Six years after Prime Minister Narendra Modi proposed the notion of elevating Uttar Pradesh to a trillion-dollar economy, he is now urging other states to emulate Uttar Pradesh in this regard.
“Could Maharashtra and Uttar Pradesh vie for the status of a trillion-dollar economy? Will the Uttar Pradesh government engage in competition with other states? Increased competition is expected to attract greater investments, leading to job creation and reinforcing the principle of cooperative federalism,” Modi stated during the Uttar Pradesh Investors Summit-2018 in Lucknow on February 21, 2018.
Subsequently, the Uttar Pradesh government has devised a strategic plan to realize the ambition of transforming the state into a trillion-dollar economy within five years (2027-28). Feedback from various departments has been obtained on this roadmap, and concerted efforts are underway to progress towards this objective. It is likely due to the state government’s endeavors that the Prime Minister has encouraged other states to emulate Uttar Pradesh.
“When we learn that Uttar Pradesh has committed to becoming a trillion-dollar economy, it instills pride in every Indian. I urge all states to set aside political differences and draw inspiration from Uttar Pradesh. How far will you take your state’s economy?” Modi inquired at the groundbreaking ceremony 4.0 (GBC 4.0) held here on Monday.
At the GBC 4.0 event held at Indira Gandhi Pratisthan, he inaugurated approximately 14,000 projects with investments totaling ₹10.11 lakh crore.
This marks a significant leap from the investments initiated during the previous three GBCs held in the state.
The initial ceremony took place on July 29, 2018, aiming to implement 81 projects with an investment of ₹61,847 crore, aiming to generate two lakh job opportunities. Subsequently, the state government hosted its second groundbreaking event in July 2019, focusing on implementing 290 projects worth ₹65,000 crore, with the goal of creating 2.6 lakh jobs. The third groundbreaking ceremony was held on June 3, 2022, with plans to implement 1406 projects valued at ₹80,000 crore, aimed at generating five lakh job opportunities.
Earlier this month, in response to a query in the state legislative assembly, the state government disclosed that out of the Memorandums of Understanding (MoUs) valued at ₹4.28 lakh crore signed at the Uttar Pradesh Investors Summit-2018, approximately 1777 investment projects worth ₹2.09 lakh crore have either been executed or are in various stages of implementation.
The state government has observed a significant increase in investment proposals since 2018. According to senior officials, there has been a consistent emphasis on implementing reforms, with nearly 25 sector-specific policies being formulated to attract investments.
The Uttar Pradesh Global Investors Summit-2023, held from February 10 to 12, 2023, garnered investment proposals amounting to ₹33.50 lakh crore. Following the UPGIS-2023, the state government asserts that investment inflows have continued, with total investment proposals nearing ₹10 lakh crore. The Infrastructure and Industrial Development Commissioner stated that additional Ground Breaking Ceremonies (GBCs) will be organized in the future to further facilitate investment proposals in Uttar Pradesh.
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