UP has potential to become USD 1 trillion economy: Yogi

UP has potential to become USD 1 trillion economy: Yogi

Yogi Adityanath said Uttar Pradesh has the potential to become a USD 1 trillion economy. Photo credit: PTI

Chief Minister Yogi Adityanath on Wednesday said Uttar Pradesh has the potential to become a USD 1 trillion economy and though it's a big target, it's not impossible to achieve as the state has the requisite resources and manpower.

Speaking during the supplementary budget debate in the state legislative assembly, Adityanath said Prime Minister Narendra Modi had asked the state to accept the challenge.

"During the Investors Summit, the prime minister had asked when Uttar Pradesh will become a USD 1 trillion economy. He asked us to accept the challenge," he said.

"Going by the present pace, it will take 12 to 15 years. We will have to speed up and every person needs to contribute. If the state's economy improves, it will benefit everyone and the future generations," he added.

The chief minister said to make the state a USD 1 trillion economy, investment between Rs 70,000 crore to Rs 1 lakh crore is required in certain sectors over the next five years.

"Currently, the economy of Uttar Pradesh is worth over Rs 15,42,432 crore and if the target of a trillion dollars has to be realised, certain areas and sectors need to set targets for the next five years," he said.

"Each sector will have to set the target of attracting investment between Rs 70,000 crore to Rs 1 lakh crore to achieve this goal," he added.

In his over two-hour-long speech, Adityanath stressed on the need to change the mindset to usher in development.

"We indulge in petty politics, dole out things. We need to change the mindset for permanent solution and development," he said.

"The target is big but not impossible to achieve. We have the resources, manpower, connectivity and we can provide facilities which no one else can. We will also provide security," he said, adding that investments in the state need to grow.

Adityanath claimed giants like Samsung and TCS were on the brink of winding up their operations in Uttar Pradesh due to the state's political atmosphere but they stayed back after his government came to power and reassured them.

"Today Samsung has made an investment of Rs 5,000 crore. TCS, which was winding up operations in Lucknow, is investing in other places as well," he said.

He added that the youth power of Uttar Pradesh, which is among the states with the youngest population in the country, needed to be utilised for improving the economy.

Giving a detailed account of his government's achievements, Adityanath claimed there had not been single farmers' agitation in the last two years as they are getting the right remuneration for their produce.

Foundation stones of projects worth over Rs 62,000 crore will be laid on July 28 in the state capital, he added.

Speaking on the tourism potential of the state, the chief minister announced a new scheme, inviting all MLAs to identify a place each in their assembly segments to be developed as a tourist spot using government aid and their local area development fund.

Adityanath said the supplementary budget also has a provision for developing seven cities with municipal corporations which could not be taken up under the smart city project of the central government.

On the law and order front, he presented figures to stress that the situation has improved and crime has come down.

"The successful Kumbh, Pravasi Diwas and Lok Sabha elections have changed the perception of the state in this regard," the chief minister said.