Uttar Pradesh Chief Minister Yogi Adityanath stated that the state is rapidly progressing toward becoming India’s largest economy.

He noted that the state’s economy has grown from Rs 12 lakh crore to a projected Rs 27.5 lakh crore and reaffirmed the goal of achieving a $1 trillion economy by 2029.

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

Criticizing the opposition, CM Yogi remarked that those who refuse to acknowledge India’s progress as a developed nation also question Uttar Pradesh’s economic growth. He emphasized that India has emerged as a major global economy, which may not sit well with those driven by personal agendas. He said, “However, the reality is that India now holds the fifth-largest economy spot globally and is poised to become a $5 trillion economy by 2027.”

Reiterating his vision, CM Yogi assured that by 2029, Uttar Pradesh will achieve a $1 trillion economy milestone and emerge as the largest economy in the country.

Chief Minister Yogi Adityanath stated that his government has identified 10 key sectors to drive economic growth: industrial development, agriculture, social security, urban development, revenue collection, education, health, tourism, and the service sector. Each sector undergoes a monthly review, with the Chief Minister personally conducting a quarterly assessment.

Highlighting the success of the Global Investors Summit 2023, CM Yogi noted that the event attracted investment proposals worth Rs 40 lakh crore, out of which Rs 15 lakh crore has already materialized, leading to the commencement of production in several industries. This investment is expected to generate employment opportunities for 60 lakh youth.

Emphasizing the state’s financial transformation, he pointed out that Uttar Pradesh’s CD ratio, which once stood at 44%, has now exceeded 60%, indicating that the state’s capital is being reinvested within Uttar Pradesh.

“The Reserve Bank of India (RBI) report highlights Uttar Pradesh as the leading state in banking transactions over the last five-year plan, with Jan Dhan accounts playing a crucial role,” he said.

CM Yogi remarked that people who once lacked bank accounts now have substantial savings, demonstrating increased purchasing power and financial security—made possible by Prime Minister Modi’s visionary policies.

CM Yogi further stated, “Uttar Pradesh now leads the country in MSME units, a sector that had previously suffered due to neglect by past governments. However, initiatives like One District One Product (ODOP) revitalized 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 people.”

Marking a significant boost for young entrepreneurs, the government launched the ‘CM Yuva Udyam Yojana’ on Uttar Pradesh Foundation Day (January 24, 2025). Under this scheme, bank loans up to Rs five lakhs are provided at zero interest in the first phase, with the second phase offering loans up to Rs 10 lahks. The scheme has received an overwhelming response, with over 96 lakh applications submitted so far.

Chief Minister Yogi Adityanath highlighted the transformation in Uttar Pradesh’s agricultural sector, stating that before 2017, the condition of farmers was dire, but today, they are thriving. Unlike in the past, where distress led to farmer suicides, they now receive one and a half times the price of their produce.

He cited that farmers earn Rs 2,300 per quintal for paddy, against production cost of Rs 1,100 per quintal. Similarly, wheat farmers are receiving double their cost.

Addressing sugarcane farmers’ payments, CM Yogi emphasized that payments are now made within a week, making Uttar Pradesh the leading sugarcane-producing state in the country and a top player in ethanol production.

He said, “The government has also introduced special schemes for pulses and oilseeds, boosting farmers’ incomes. Funds are reaching farmers directly through direct benefit transfers (DBT) and procurement centers, ensuring financial stability and additional income. The government further supports farmers by providing free seeds for pulses and oilseeds, reinforcing its commitment to agricultural growth.”

Discussing women’s empowerment, CM Yogi underscored that 20% of all Uttar Pradesh Police recruitments have been reserved for women, creating employment opportunities across various sectors.

Taking a swipe at the opposition, he remarked that those who doubt Uttar Pradesh’s ability to achieve a $1 trillion economy in five years are driven by negativity, while the government remains steadfast in its vision.

He accused the previous Samajwadi Party government of reducing Uttar Pradesh to a ‘BIMARU’ state and pushing it to the sixth or seventh position in India’s economic rankings. “However, due to the double-engine government’s efforts in the last eight years, Uttar Pradesh has now emerged as India’s second-largest economy,” he added.

CM Yogi expressed confidence that by 2029, Uttar Pradesh will become the largest economy in the country, reaching the $1 trillion milestone.

CM Yogi also highlighted Uttar Pradesh’s booming tourism sector, revealing that in 2023, the state welcomed 65 crore tourists. With the Mahakumbh, more than 60 crore devotees are expected to visit, reinforcing Uttar Pradesh’s global recognition.

He emphasized that the Mahakumbh alone will contribute Rs 3 lakh crore to the state’s economy, further accelerating its growth.