Uttar Pradesh will be a $6 trillion economy by 2047, says advisor to UP CM Awanish Awasthi

Awanish Awasthi, Advisor to UP Chief Minister Yogi Adityanath

Uttar Pradesh will become a $6 trillion economy which will be one-fifth of the $30 trillion GDP goal seen by Prime Minister Modi as part of his Viksit Bharat dream by 2047, said Awanish Awasthi, advisor to chief minister Yogi Adityanath.

He was speaking at UP Tech Next summit hosted by CNBC-TV18 and Moneycontrol.

Explaining what the Viksit Bharat goal means, Awasthi said that Viksit Bharat means economy should be $30tn in 2047, so in line UP should be at $6tn economy.

Awasthi said that the state has made huge progress in terms of taking the economy forward with the per capita income galloping to more than a lakh of rupees during chief minister Yogi Adityanath's tenure.

In 2017 state per capita income was between Rs 45,000- Rs 50,000 and it has reached Rs 1.2 lakh rupees in 2025.

He said that the state is targeting a nominal growth of 20% from the current growth of around 15%.

He emphasized that tourism has done extremely well. UP will have 100 crore tourists in current year. We need to work in areas of IT, manufacturing.

Commenting on the HCL-Foxconn project, he said it has received approval from the Cabinet and the work on the ground will begin soon.

He said that the UP has largest budget in country of over Rs 8 lakh crore. Out of this Rs 2 lakh crore is the capital budget. There is a surplus budget of about Rs 55,000-60,000 crore.

To promote industry, the state will come up with strategies where private sector will not be charged for land upfront, but lease rent for land will be collected later as project gets profitable, Awasthi commented.