TV Mohandas Pai & Nisha Holla Lucknow: Uttar Pradesh is the third largest country economy in India.
In 2020-21, the gross product of domestic countries (GSDP) from UP is Rs 17 Lakh Crore.
Strong GSDP growth in 2016-17 for 2018-19, recorded 10% growth.
While 2019-20 showed a slowdown, 2020-21 growth was clearly hampered by a pandemic.
Anything, up consistently contributed 8.3-8.4% to national GDP, increasing to 8.6% in the pandemic year hitting.
The country recently came out above in the trade category and the Governance Index (GGI) 2021 compiled by the Department of Administrative Reform and Community Complaints (DARPG).
UP has further indicated additional growth from 8.9%.
Up has a unique place between the economy-economy of the top 5 – after Maharashtra, Tamil Nadu, Karnataka and Gujarat.
Gross Country Value Added Agriculture Contribution (GSVA) has continued to grow and 26% at 2020-21.
The industrial sector is left behind, and has been further hampered by a pandemic.
This contributes 25% to GSVA in 2020-21, with a balance of 49% comes from the service sector.
India, in general, and up in particular, faces asymmetrical dependence on labor in the agricultural sector.
Uttar Pradesh has shown a tendency for high growth.
It is combined with large young people and strong leadership can be converted into accelerated growth machines.
On conversion 1 USD to the hospital, up GSDP in 2020-21 stood at USD 227 billion.
The target of USD 1 trillion may be achieved in 2030 which was translated into aggressive YOY targets of 18% nominal growth with the dollar in INR 75.
However, up has not grown at such a level before, and requires a transformational agenda to do so.
At a strong nominal growth rate of 13%, the state will reach USD 1 trillion mark in 2034, which will still be an extraordinary achievement.
For this, the budget allocation must be balanced in all three sectors to ensure optimal growth while providing quality employment and wage opportunities to large populations.
Low asymmetrical income in the agricultural sector with a high labor dependency is still a challenge.
There is an urgent need to shift excess labor from agriculture to industry and services that have the potential for higher values and can encourage per capita income growth closer to the national average.
The big difference between East and Western Regency Up is another challenge.
But now with toll connecting Purvanchal districts with Delhi, two airports, including one international in Kushinagar and local product promotion and crafts have opened areas for investment and employment opportunities that will improve the economy.
Furthermore, the urbanization agenda that focuses on developing clusters will help balance the country.
UP can launch programs such as the Niti Aayog aspirative model district to improve disadvantaged countries and their assistance grows faster than the rest of the country.
Despite the second ranked up in the development of human index GGI-2021 resources, still need to improve.
UP has built a strong educational pipeline network and has to channel that in the development of industrial-ready skills.
UP Large young demographics are ideal for skilling and running a large program of labor-intensive (LiI).
With Covid-19 fall, many countries are looking for diversification of manufacturing and supply chains from China, and the government up takes steps to invite them to the country.
The central location up in the country and dedicated cargo corridor makes the location more attractive to search for end-to-end ecosystems Lii.
Linked production schemes of incentives and electronic new industrial ecosystems come in Noida, as well as the aggressive policy of industrial Chief Minister Yogi Adityanath offers expectations.
Outside Liis, industrial special up needs such as electronic component design, part of defense manufacturing and pharmaceutical with significant R & D and IP production components for higher add value.
Uttar Pradesh’s growth, with a large and low population of per capita income, is very important for India to reach its 10 trillion USD goals and change themselves.
With a new limit on taking place, the state will be more political important than today.
Transformation up to play this larger role in Indian economic roads requires a new growth trajectory that focuses on several layers in society and dynamic political leadership.
India can succeed as a great political force if Uttar Pradesh leads the way.
(TV Mohandas Pai is Padma Shri scholarship recipients and former CFOs and board members in Infosys, Nisha Holla is a Fellow technology in C-CAM)
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