UP inches towards $1 trillion economy goal, achieves 101% of GSVA target across diverse sectors

Lucknow : In its mission to transform Uttar Pradesh into a one trillion dollar economy, the Yogi government has surpassed expectations by achieving 101% of its GSVA target across various sectors. Notably, the transport, storage, and communication sectors have recorded the highest GSVA of 129%. The state has also recorded significant growth in agriculture, mining, construction, transport, and real estate sectors.

These accomplishments, highlighted in a report based on data from the Ministry of Statistics and Program Implementation, reinforce the Yogi government’s determination to make Uttar Pradesh an industrial powerhouse. The impact of the Yogi government’s strategic initiatives across various sectors is becoming increasingly evident. In the financial year 2023-24, significant progress was recorded in the Gross State Value Added (GSVA) across multiple sectors.

The agriculture and allied sectors achieved Rs 5.98 lakh crore, surpassing the target of Rs 5.85 lakh crore, reaching 102%. The mining and excavation sector excelled with Rs 0.30 lakh crore, exceeding its target of Rs 0.26 lakh crore and reaching 115%. Similarly, the construction sector recorded Rs 2.79 lakh crore, surpassing the target of Rs 2.48 lakh crore, reaching 112%.

The transport, storage, and communication sector experienced the highest growth, achieving Rs 1.98 lakh crore, or 129% of its target of Rs 1.53 lakh crore. The real estate and housing sector achieved 102% of its target for the financial year 2023-24. The target was Rs 3.23 lakh crore, and the sector exceeded this by reaching Rs 3.29 lakh crore.

Additionally, the government’s efforts led to promising results across other sectors, including manufacturing, energy, trade, repairs, hotels and restaurants, financial services, public administration, education, and health.

The impact of initiatives to enhance the ease of doing business under Chief Minister Yogi Adityanath’s leadership is now evident in the strengthening of industry and trade. The secondary sector, in particular, has seen significant gains, achieving 104% of its target, while the primary sector has grown by 103%. The tertiary sector has also shown substantial progress, reaching approximately Rs 11 lakh crore.

Gross State Value Added (GSVA) is a key economic productivity metric that evaluates a state’s contribution to the economy and its productive sectors. It assesses private consumption across various sectors, gross investment, government investment and expenditure, total exports and imports, and total product taxes and subsidies.