Chief Minister Yogi Adityanath claimed on Thursday that Uttar Pradesh has achieved a revenue surplus status and can now meet most of its requirements independently.
Speaking during the Assembly’s monsoon session on the passage of the supplementary budget, he noted, “To support Prime Minister Narendra Modi’s goal of a 5 trillion dollar economy and to establish the state as a one trillion dollar economy, we have introduced a supplementary budget of Rs 12,209.93 crore.”
The Chief Minister noted that 44 per cent of the funds from the original budget for the 2024-25 financial year have been released, with 20 per cent already utilised.
The Chief Minister said that after this, the size of the basic budget for the 2024-25 financial year has now reached Rs 7.5 lakh crore, which is double the size of the 2015-16 budget.
The CM emphasised that the scope of the state budget has been expanded to meet the growing needs of Uttar Pradesh. He also highlighted that Rs 70,000 crore has been transferred through DBT for 196 schemes across 11 departments, directly benefitting the accounts of poor individuals. This, he noted, is a prime example of how DBT provides a corruption-free system for the underprivileged.
At the start of his address, the Chief Minister extended special thanks to the House and the Leader of the Opposition, acknowledging the valuable suggestions provided by the ‘veteran leader’. He stated, “We have always respected our elders. We believe a meeting is not truly a meeting if the elderly are not honoured.”
The Chief Minister reflected on the transformation of Uttar Pradesh, saying, “The UP we inherited and the UP we have today are evident to everyone. We have drawn inspiration from Atal ji’s words, “Manushya ko chahiye ki vah parishthitiyon se lade, ek swapn toote, toh dusra garhe. (A person should strive against circumstances; if one dream shatters, another should emerge).”
The Chief Minister noted that after passing the original budget in February, its implementation began immediately with the start of the financial year in April. The original budget for 2024-25 was Rs 7,36,437.71 crore. Despite the onset of general elections shortly after the financial year began, 44 per cent of the budget has been released for various departments, and over 20 per cent has already been spent. He remarked, “We have advanced the government’s action plan for all sections of society without any discrimination.”
The Chief Minister highlighted that the capital expenditure reflects substantial investments in major construction projects. He stated, “This supplementary budget will boost investment in Uttar Pradesh. Today, both the GDP and per capita income of the state have more than doubled. UP is progressing in the right direction, and the new developments necessitated this supplementary budget. Therefore, a supplementary budget of Rs 12,209.93 crore was introduced during the monsoon session. As a result, our budget for this financial year has now reached Rs 7.5 lakh crore.”
The Chief Minister asserted that Uttar Pradesh has the potential to become the leading economy in the country. He remarked, “When we came to power, our economy was ranked sixth or seventh in the country, and the state was facing an identity crisis. However, that perception has changed, and today UP has become the second largest economy in the country.”
He continued, “We are now developing a roadmap for the next three to five years, focusing on major advancements in education, health, and skill development. These efforts have led to the creation of new employment opportunities within the state.” The Chief Minister cited Thrissur in Tamil Nadu as an example, where previously two lakh people from UP worked. He noted that many of these individuals have returned to their home state due to the new job opportunities available there.
The Chief Minister stated that Uttar Pradesh has successfully increased its share in the national GDP. Previously, the state’s share was 6-7 per cent, but it has now risen to 9-10 per cent. He highlighted that UP is now among the states that have established themselves as revenue surplus through effective resource mobilisation, enabling the state to meet most of its requirements internally.
CM Yogi mentioned that strict measures were implemented to combat tax evasion. He pointed out that in 2017, UP’s Credit Deposit (CD) ratio was 44 per cent, but it has now increased to 60 per cent, indicating a rise in employment opportunities.
He noted that the Reserve Bank requires states to adhere to financial discipline when preparing budgets and taking loans. If a state exceeds the allowed limit, no national bank will approve further loans. UP has made significant progress in this area, maintaining its Fiscal Responsibility and Budget Management (FRBM) ratio at 2.86, well below the maximum limit of 3.5. This achievement reflects UP’s strong financial discipline.