Uttar Pradesh Becomes India’s Second-Largest Economy: CM Yogi Adityanath
Lucknow (Uttar Pradesh), June 27: Uttar Pradesh Chief Minister Yogi Adityanath announced that the state has improved its rank from the sixth-largest economy in 2017 to the second-largest in the country over the last seven years. He made this statement during an event at the Lok Bhavan auditorium on International MSME Day.
MSME Sector’s Role
CM Yogi highlighted that Uttar Pradesh is home to over 9 million MSME (Micro, Small, and Medium Enterprises) units. He emphasized that the MSME sector is crucial for employment generation and has significantly contributed to the state’s economic growth.
He noted that the lack of proper incentives had previously led to a decline in the MSME sector, causing frustration among entrepreneurs. However, continuous efforts since 2017 have revitalized the sector, making it the backbone of the state’s development.
Initiatives and Announcements
CM Yogi announced that entrepreneurs will now have access to loans exceeding Rs 20,000 crores. Efforts have also been made to revive struggling units under the RAMP (Raising and Accelerating MSME Performance) scheme. The state has made substantial progress in branding, marketing, and promoting MSME products.
He also mentioned the newly inaugurated Rani Laxmibai Pledge Park in Jhansi, which is the 11th Pledge Park in the state, benefiting private-sector entrepreneurs. The state has created a more favorable investment environment with a strengthened rule of law and security system.
Defence Corridor and Trade Show
CM Yogi highlighted the ongoing development of a defense corridor in the state, aimed at making the country self-reliant in defense production, with an investment of Rs 24,000 crores already implemented. He also announced that the International Trade Show will be held in September, providing an excellent opportunity to market the state’s products.
Support for Entrepreneurs
The Chief Minister mentioned the Chief Minister Udyam Bima scheme, which offers up to Rs 5 lakh in benefits to MSME entrepreneurs in case of a disaster. Under the Chief Minister Yuva Udyam Vikas Abhiyan, interest-free loans of up to Rs 5 lakh will be provided to support 1 million micro-entrepreneurs over the next decade.
Distribution of Loans and Toolkits
On International MSME Day, CM Yogi initiated the disbursement of Rs 20,000 crore in loans by banks to MSME units. He also distributed loans to beneficiaries of various schemes and handed out toolkits to recipients of the Vishwakarma Shram Samman Yojana.
Event Attendees
The event was attended by MSME Minister Rakesh Sachan, IIDC Manoj Kumar, Principal Secretary Alok Kumar, and Sameer Ranjan Panda, along with other dignitaries, handicraftsmen, artisans, bankers, entrepreneurs, and experts from across the state.
