Uttar Pradesh Achieves Economic Milestone: Ranks Second-Largest Economy in India

Uttar Pradesh Chief Minister Yogi Adityanath announced that the state has climbed from being the sixth-largest economy in 2017 to the second-largest in the country. He made this statement while addressing an event at the Lok Bhavan auditorium on International MSME Day.

“Uttar Pradesh is home to over 9 million MSME units. In 2017, the state had the sixth-largest economy in India, but today, it has become the second-largest economy in the country,” said CM Yogi. He attributed this growth to the crucial role of MSME entrepreneurs.

He highlighted the challenges faced by the MSME sector before 2017, stating that a lack of incentives had led to a decline in the sector. However, continuous efforts since 2017 have revitalized MSME units, making this sector the backbone of Uttar Pradesh’s development.

CM Yogi shared that the state has successfully showcased its MSME products at the International Trade Show. He also announced that entrepreneurs will have access to loans exceeding Rs 20,000 crore, and efforts are being made to revive struggling units under the RAMP scheme.

The Chief Minister emphasized the creation of a favorable investment environment, strengthened rule of law, and a security system crucial for industries. He also highlighted the ongoing development of a defense corridor in the state with an investment of Rs 24,000 crores.

The MSME policy introduced during the COVID period has provided significant benefits, including the flatted factory initiative. CM Yogi announced that the International Trade Show will be held in September, expecting an increase in buyers from last year’s 70,000.

He assured continuous government support for MSME entrepreneurs through schemes like Chief Minister Udyam Bima and Chief Minister Yuva Udyam Vikas Abhiyan. He also initiated the disbursement of Rs 20,000 crore in loans by banks to MSME units and distributed toolkits and loans to various beneficiaries.