Context:
Uttar Pradesh Government has set a target of achieving a Gross State Domestic Product (GSDP) of Rs 30.77 lakh crore for the year 2025–26, noting that the current GSDP stands at Rs 27.51 lakh crore.
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- The growth can be attributed to several factors, including massive infrastructure development, a focused push for industrialisation, business-friendly reforms, and improved law and order.
- These changes have led to major development in the state and attracted investments worth several hundred crores across various sectors, driving industrialisation and employment.
- The Indian Industries Association (IIA) also attributed the improved business climate to strengthened law and order under the current government.
- To reach the target of a trillion-dollar economy by 2029, the GSDP growth rate must be increased to 32.97% per annum, based on the current exchange rate of ₹86 to a dollar.
- While presenting the annual budget for 2025-2026 in the state legislative assembly, the Minister for Finance stated that the GSDP growth rate was 11.6%, compared to India’s GDP growth of 9.6% in 2023-2024.
- However, the state needs to boost the GSDP growth by nearly 2.5 to three times to become a trillion-dollar economy by 2029.
