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Uttar Pradesh has cemented its position as the second-largest economy in India, trailing only behind Maharashtra. According to reports from SOIC.in, Sensex, and CLSA, the state’s GDP share surged to 9.2%, outpacing states like Tamil Nadu, Gujarat, and West Bengal. With a newfound identity on the national stage, Uttar Pradesh has emerged as a revenue-surplus state, reflecting the success of Chief Minister Yogi Adityanath’s strategic economic initiatives.
Gross State Domestic Product (GSDP) and Banking Growth:
The Gross State Domestic Product (GSDP) witnessed a substantial leap, projected to reach Rs 24,39,171 crore in 2023-2024, showcasing a remarkable increase from Rs 12.89 lakh crore in 2016-17. The banking business flourished, with an increase of Rs 70,000 crore to reach Rs 22.06 lakh crore in the fiscal year 2022-23. Uttar Pradesh leads the nation in attracting funds from banks and financial institutions, boasting a 16.2% share in investment.
Digital Transactions Revolution:
A noteworthy achievement in Uttar Pradesh’s economic landscape is the significant surge in digital transactions. Over the course of a year, digital transactions tripled, reflecting a broader trend of increased digital banking adoption. The state ranks fourth in the country in per capita digital transactions, a testament to the success of campaigns promoting cashless transactions.
Fiscal Prudence and Management:
The state’s fiscal management has been commendable, with a fiscal deficit of 2.86% of GSDP, well within the bounds of fiscal discipline. Notably, the total debt as a percentage of GSDP has been on a downward trajectory, indicating a healthier state economy. Fiscal discipline has seen a significant improvement, with a more than 4% decline in the current financial year compared to 2020-21.
Revenue Receipts and Tax Returns:
Uttar Pradesh’s revenue receipts have experienced a substantial upswing, reaching Rs 4,15,820 crore in 2022-23 and are estimated to touch Rs 5,70,865 crore in 2023-2024. The state has also emerged as a leader in income tax return filings, with a notable increase from 1.65 lakh returns in June 2014 to an impressive 11.92 lakh filings in June 2023.
Central Government Collaboration:
The central government’s support has played a pivotal role in Uttar Pradesh’s economic resurgence. The state received the largest share (₹13,088.51 crore) in tax transfers, providing crucial financial backing for social welfare measures and infrastructure development schemes.
Uttar Pradesh’s economic journey in 2023 is a testament to effective governance, visionary leadership, and concerted efforts towards realizing Chief Minister Yogi Adityanath’s ambitious goals. As the state cements its status as a powerhouse in the Indian economy, the success story of Uttar Pradesh serves as an inspiring model for economic development and resilience.
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