STATES ON 'TRILLION DOLLAR' MISSION

Top five states set their own targets to contribute to India's ambitious economic growth plan.

- Joe C. Mathew

IN FEBRUARY THIS YEAR, Uttar Pradesh government’s Global Investor Summit (GIS) saw 30 MoUs signed for investments worth ₹35 lakh crore. Soon after, every district magistrate in the state was tasked with the job of making land available for manufacturing facilities committed through these MoUs. The government’s target was a ground-breaking ceremony (GBC) for projects worth at least ₹10 lakh crore during the year. Currently, the progress made by each district magistrate is being monitored and reviewed by the chief secretary and chief minister Yogi Adityanath himself. Investors were expected to receive the land parcels by December 2023.

The U.P. government’s effort is part of a bigger plan — a $1 trillion economy mission — which Adityanath announced immediately after Prime Minister Narendra Modi set a $5 trillion target for the economy by FY25, soon after taking charge for a second consecutive term in 2019. The U.P. government expects investments in the manufacturing sector to translate into higher growth in its Gross State Domestic Product (GSDP) in the coming years.

India’s economy, at $3.5 trillion in FY23, is likely to meet the $5 trillion target set by Modi in the next two years. The deadline given by the U.P. chief minister for his state is FY28. Considering that U.P.’s GSDP is less than $300 billion, the target won’t be easy. But that hasn’t prevented the state from making a commitment.