Uttar Pradesh, the state once infamous for lawlessness, has become a bright spot for the economy of the country in the last few years. In the last fiscal year, Uttar Pradesh overtook Tamil Nadu, Gujarat, and Maharashtra to become the second-largest state of the country in terms of Gross State Domestic Product (GSDP).
As per the data from Finance Department, UP’s GSDP for the FY 21 was Rs 19.48 lakh crore, more than Tamil Nadu’s Rs 19.2 lakh crore, Karnataka’s Rs 18.03 lakh crore, and Gujarat’s Rs 17.4 lakh crore.
वैश्विक महामारी कोरोना जनित आर्थिक मंदी के उपरांत भी उत्तर प्रदेश, सकल राज्य घरेलू उत्पाद (GSDP) के मामले में भारत का दूसरा सबसे बड़ा राज्य बन गया है।
यह आदरणीय प्रधानमंत्री जी के कुशल मार्गदर्शन एवं समस्त प्रदेशवासियों के परिश्रम का सुफल है।
सभी को हार्दिक बधाई।
— Yogi Adityanath (मोदी का परिवार) (@myogiadityanath) February 26, 2021
Uttar Pradesh CM Yogi Adityanath said that the state has achieved this despite the Coronavirus pandemic under the guidance of the Prime Minister. Uttar Pradesh performed really well in managing the Coronavirus-induced pandemic and has emerged as a favourite destination for national as well as international investors.
“Our state has been making rapid strides in industry and economy under the able leadership of Chief Minister Yogi Adityanath, who has ensured an industry-friendly eco-system in the state as a result of which UP had achieved the second position among all states in ease of doing business in a short span,” said MSME and export promotion minister Sidharth Nath Singh.
Yogi Adityanath has run the state like an efficient administrator in the last four years and has improved the law and order condition, leading to a conducive environment for investment.
On the occasion of half-term completion of the Yogi Government, the government expressed that it has created 20 lakh private and 2.5 lakh government jobs in a span of the last 2 and a half years, and the other half will be dedicated to achieving the $1 trillion economy goal. UP now aims to compete with Maharashtra– the most productive state in the country to become the $1 trillion economy by 2025.
After the Coronavirus outbreak in China and its mishandling of the crisis leading to a pandemic, many countries are looking to move manufacturing units away from China. In fact, many countries that are arch-enemies of China but have manufacturing units in China, like Japan, are incentivizing companies to move out, and this presents a golden opportunity to India, especially the industrially backward states like UP, Bihar where labour cost is extremely low.
UP has the existing capacity to replace China as the ‘factory of the world’ with a population of 22 crores and young demography. With the outbreak of Coronavirus and the anger towards China, the companies of developed nations that have manufacturing units in China are looking for other avenues.
The UP government has shown the most proactive approach in the last few weeks to attract these companies and this has resulted in ongoing talks with many foreign companies over shifting manufacturing units to the state, some of which have already pledged investment.
South Korean electronics majors agreed to set up manufacturing units in Uttar Pradesh and state officials held a webinar with 100 US firms like Adobe, Boston Scientific, and UPS to shift their units from Shanghai to Noida, which is already a known popular IT hub.
German footwear brand, Von Wellx, has decided to move its factory operations from China to Agra, Uttar Pradesh. The company has more than 10 crore customers in more than 80 countries.
UP is one of the most efficiently administered parts of the country and the ‘rule of law’ prevails in the state. Therefore, the industrialists have no qualms about over-investing in the state, which is not just being governed efficiently but the government is also providing various incentives for investment.
The Yogi government has been proactive in dealing with the Coronavirus threat and has already set up committees to assess the financial and social impact of lockdown on 11 sectors – industry, construction, revenue, labour, education, agriculture, social welfare, rural development, urban affairs, water, and handicapped welfare.
Yogi must be applauded for transforming the state from a nightmare for industrialists to heaven for law-abiding companies. And the results are already evident with the state overtaking the nearest rivals like TamilNadu, Karnataka, and Gujarat to become the second-largest economy of the country.