Lucknow (Uttar Pradesh) [India], February 23 (ANI): Under the leadership of the Yogi government, Uttar Pradesh is poised to embark on a transformative journey through the Ground Breaking Ceremony (GBC 4.0), marking a significant milestone in its development. The implementation of over 14,000 projects, worth more than Rs 10 lakh crore, is not only accelerating development but is also providing a super boost to the state’s economy, the Chief Minister’s office said in a press release.
Presently, Uttar Pradesh contributes 9.2 per cent to the country’s economy, and with GBC 4.0, this contribution is expected to increase, solidifying its rank as the second-largest contributor. The state’s dominance in various sectors, including manufacturing, EVs, pharma, energy, data center, MSME, renewable energy, real estate, and waste management, will increase and development will reach new heights.
In total, Uttar Pradesh is inching closer to fulfilling its aspiration of emerging as the nation’s growth engine, the release said.
Among the investment projects launched by Chief Minister Yogi Adityanath on February 19, the majority (21 per cent), are related to the manufacturing sector. This implies that Uttar Pradesh will now engage in large-scale manufacturing of products, and is set to become a manufacturing hub.
In addition, 13 per cent of investment is in renewable energy, 9 per cent in IT and electronics, 8 percent in power, 6 percent in food processing, 6 percent in real estate, 5 per cent in MSMEs, and 3 per cent each in hospitality and entertainment, waste management, and education. It is evident that UP’s strength will grow in all these sectors, employing more workforce and directly benefiting the state’s development and economy.
Furthermore, significant investments in sectors such as healthcare, wood-based industries, distilleries, dairy, cooperatives, handicrafts and textiles, pharma and medical devices, and animal husbandry will also be helpful in boosting the economy.
With the implementation of more than 14,000 investment projects, 34 lakh people are expected to get employment. According to experts, an increase in employment in any state enhances people’s spending power, savings, and tax collection, positively impacting the economy. When people have more money, they tend to make more purchases, leading to increased demand for goods and services. This further helps to boost production and generate new jobs, the release added.
Additionally, increased savings provide economic security for the future, helping individuals be prepared for upcoming challenges or opportunities. Moreover, as people’s income rises, tax collections also increase, providing the government with more resources to formulate beneficial schemes for the general public. In this way, this can prove to be a significant step towards a prosperous economy.
Under GBC 4.0, development projects have been initiated for tourism destinations in Uttar Pradesh. The development of tourist spots will increase visitor footfall, boost the local economy and provide employment opportunities.
“For example, since the consecration of Lord Ram’s idol in Ayodhya, around 60 to 65 lakh people have visited the place. Devotees not only from the country but also from abroad are coming for the darshan. It is estimated that in terms of tourist numbers, Ayodhya alone will surpass major religious sites globally, such as Mecca and Vatican City. Kashi and Mathura-Vrindavan are also not lagging behind in this regard,” the release said.
Next year, lakhs of people are expected to take a holy dip in the Mahakumbh in Prayagraj. Tourists visiting Uttar Pradesh are likely to spend money on hotels, restaurants, and various goods, benefiting both the local economy and the state’s overall economy. This will further boost the enthusiasm of investors, encouraging them to expand their businesses, the press release stated.
Looking at the recent figures of GBC 4.0, a total of 5 percent investment projects have also been launched under MSME. Currently, there are more than 96 lakh MSME units in the state. With the commencement of new projects, it is now ensured that this number will surpass one crore.
Notably, small industries are the biggest strength not only of the state but of the entire country. It is referred to as the backbone of India’s economy. The contribution of MSMEs to the economy of Uttar Pradesh is significant, playing a crucial role both directly and indirectly. It particularly plays a crucial role in creating extensive employment in rural areas, which will now gain even more momentum.
It is noteworthy that the Uttar Pradesh government has launched various schemes and grants to support the MSME sector. This provides financial and technical assistance to entrepreneurs. As a result of these efforts, a large number of MSMEs are investing in UP, setting a new dimension in the state’s development.
The changing environment of Uttar Pradesh has led entrepreneurs to believe that their investment is secure in the state. Through GBC 4.0, investment is flowing into all 75 districts of Uttar Pradesh, creating new employment opportunities in every district. This is giving impetus to the inclusive development of the state.
Uttar Pradesh, home to 56 percent of the country’s working population, is now progressing towards becoming the economic powerhouse of India. In a notable example, 60,000 workers from the textile sector in Tamil Nadu’s Tripura district have come to their home state of Uttar Pradesh this year. This demonstrates the transformed environment in Uttar Pradesh. (ANI)
, https://www.aninews.in/news/national/general-news/ups-economic-growth-poised-for-acceleration-with-ground-breaking-ceremony20240223193120
