Uttar Pradesh Chief Minister Yogi Adityanath has announced that the state is swiftly on its way to becoming India’s largest economy. He emphasized that the economy has expanded from ₹12 lakh crore to an estimated ₹27.5 lakh crore, reaffirming the ambition to achieve a $1 trillion economy by 2029.

CM Yogi made these remarks during a discussion on the Governor’s address on the fourth day of the Assembly’s budget session.

Criticizing the opposition, CM Yogi pointed out that those who deny India’s status as a developing nation also question Uttar Pradesh’s economic advancement. He highlighted that India has established itself as a significant global economy, a fact that may not be welcomed by those with personal agendas. He remarked, “The truth is India is now the fifth-largest economy in the world and is on track to reach a $5 trillion economy by 2027.” He reiterated his commitment to making Uttar Pradesh a $1 trillion economy by 2029, positioning it as the leading economy in the nation.

Chief Minister Yogi Adityanath mentioned that his administration has identified ten pivotal sectors for economic growth: industrial development, agriculture, social security, urban development, revenue collection, education, health, tourism, and the service sector. Each sector is reviewed monthly, with CM Yogi personally evaluating progress on a quarterly basis.

Highlighting the success of the Global Investors Summit 2023, he noted that it garnered investment proposals totaling ₹40 lakh crore, with ₹15 lakh crore already realized, spurring production across various industries. This influx of investment is expected to create job opportunities for 60 lakh youth.

In discussing the state’s financial progress, he revealed that Uttar Pradesh’s credit-deposit (CD) ratio has improved from 44% to over 60%, indicating that capital is being reinvested within the state. He stated, “According to a Reserve Bank of India (RBI) report, Uttar Pradesh leads in banking transactions in the last five-year plan, significantly aided by Jan Dhan accounts.”

CM Yogi pointed out how many individuals previously lacking bank accounts now possess considerable savings, showcasing enhanced purchasing power and financial security, a change facilitated by Prime Minister Modi’s visionary policies.

He added, “Uttar Pradesh now tops the country in MSME units, a sector that had been previously overlooked by past governments. Initiatives like One District One Product (ODOP) have rejuvenated MSMEs. During the COVID-19 pandemic, skill mapping of 40 lakh migrant workers linked them to the MSME sector, resulting in employment for over two crore individuals.”

To support young entrepreneurs, the government launched the ‘CM Yuva Udyam Yojana’ on Uttar Pradesh Foundation Day (January 24, 2025). Under this program, interest-free bank loans of up to ₹5 lakh will be offered in the first phase, with a second phase extending loans up to ₹10 lakh. The scheme has seen tremendous success, garnering over 96 lakh applications so far.

CM Yogi also showcased improvements in the agricultural sector, stating that before 2017, farmers faced dire challenges, but they are now flourishing. He contrasted the past, which saw rates of farmer suicides, with the current reality where farmers receive one and a half times the cost of their produce.

He noted that paddy farmers now earn ₹2,300 per quintal compared to a production cost of ₹1,100, while wheat farmers are similarly benefiting. Addressing the issue of sugarcane payments, CM Yogi affirmed that payments are now processed within a week, establishing Uttar Pradesh as the leading sugarcane producer and a key player in ethanol production.

He explained that the government has implemented special schemes for pulses and oilseeds, further enhancing farmers’ incomes. Direct benefit transfers (DBT) and procurement centers ensure farmers receive funds promptly, promoting financial stability and additional income. The government is also providing free seeds for pulses and oilseeds, underlining its commitment to agricultural advancement.

CM Yogi emphasized women’s empowerment, noting that 20% of all Uttar Pradesh Police recruitments have been allocated for women, creating job opportunities across different sectors.

In a rebuttal to the opposition’s skepticism about Uttar Pradesh’s aspirations for a $1 trillion economy, CM Yogi remarked that such doubts reflect negativity, while the government holds firm to its vision. He criticized the previous Samajwadi Party government for reducing Uttar Pradesh’s economic ranking, arguing that it was pushed to a ‘BIMARU’ state status. “However, through the efforts of the double-engine government over the past eight years, Uttar Pradesh has now become India’s second-largest economy,” he added.

CM Yogi expressed his confidence that by 2029, Uttar Pradesh will achieve its goal of becoming the country’s largest economy, reaching the $1 trillion mark.

He also highlighted the flourishing tourism sector, revealing that Uttar Pradesh welcomed 650 million tourists in 2023. With the upcoming Mahakumbh, over 600 million pilgrims are expected, enhancing the state’s global presence. He projected that the Mahakumbh alone would inject ₹3 lakh crore into the state’s economy, further propelling its growth.