Uttar Pradesh Achieves Revenue Surplus, Eyes $1 Trillion Economy Goal

Uttar Pradesh Chief Minister Yogi Adityanath announced that the state has achieved a revenue surplus and can now meet most of its needs independently. Speaking during the Assembly's monsoon session about the supplementary budget, he said, "To support Prime Minister Narendra Modi's goal of a 5 trillion dollar economy and to establish the state as a one trillion dollar economy, we have introduced a supplementary budget of over Rs 12,000 crore."

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The Chief Minister highlighted that 44 per cent of the funds from the original budget for the 2024-25 financial year have been released, with 20 per cent already utilised. He added that the size of the basic budget for the 2024-25 financial year has now reached Rs 7.5 lakh crore, which is double the size of the 2015-16 budget. "This supplementary budget will boost investment in Uttar Pradesh. Today, both the GDP and per capita income of the state have more than doubled," he said.

Supplementary Budget Details

Adityanath explained that the scope of the state budget has been expanded to meet growing needs. After passing the original budget in February, its implementation began immediately with the start of the financial year in April. Despite general elections shortly after, 44 per cent of the budget has been released for various departments, and over 20 per cent has already been spent.

He also mentioned that Uttar Pradesh's economy was ranked sixth or seventh in the country when they came to power, and it was facing an identity crisis. However, that perception has changed, and today UP has become the second-largest economy in India. The Chief Minister stated that Uttar Pradesh has successfully increased its share in the National GDP from 6-7 per cent to 9-10 per cent.

Infrastructure Projects

The supplementary budget includes funding for several infrastructure projects. The Ganga Expressway is set to complete its main carriageway by December 2024, ahead of the Prayagraj Maha Kumbh in 2025. Work is also progressing on other expressways like Chitrakoot Link Expressway, Gorakhpur Link Expressway, and Ballia Link Expressway.

A new expressway is planned to connect Agra-Lucknow Expressway with Shahjahanpur and Farrukhabad. The government is also working to connect Purvanchal Expressway with Agra-Lucknow Expressway and enhance interstate connectivity by upgrading roads to four lanes, making Uttar Pradesh more accessible to visitors.

Industrial Development

Plans are underway to establish the BIDA Bundelkhand Industrial Development Authority in Bundelkhand, with construction underway on 36,000 acres of land. This initiative aims to create a new industrial city similar to Noida, revitalising Bundelkhand after 46 years.

The state has also launched a Rapid Rail service between Delhi and Meerut, significantly reducing travel time from three and a half to four hours to just 40 to 45 minutes. This improvement is due to a new 12-lane expressway and rail service.

Opposition's View

Leader of Opposition Mata Prasad Pandey criticised the need for a supplementary budget, stating it should only be brought when there is an extreme need. He argued that a large part of the original budget passed in February is yet to be spent. "The finance minister has a big responsibility to consider all possibilities while preparing the budget," he said.

Pandey added that within six months, new ideas emerged requiring additional funds through a supplementary budget, which he considered a form of financial irregularity. He pointed out that announcements made by ministers during visits often lack provisions in the original budget, necessitating supplementary budgets.

Government's Response

Parliamentary Affairs Minister Suresh Kumar Khanna responded by saying there is a provision for supplementary budgets and no irregularity exists in this process. Congress leader Aradhana Mishra Mona and other party leaders also briefly shared their views on the budget before it was passed with a voice vote in the assembly.

The session concluded with an adjournment sine die after passing the supplementary budget. This move aims to further bolster Uttar Pradesh's economic growth and infrastructure development.