Lucknow: As soon as Yogi Adityanath took over the reigns of Uttar Pradesh, ensuring a disciplined environment in the state and maintaining strong law and order, stable economy and women safety — remained as his top priorities.
The Chief Minister not only restored the economy and ensured financial stability in the state but also paved the way for all-round development of Uttar Pradesh.
Due to the administrative skills of Yogi Adityanath, the state’s fiscal deficit remained under control even during the Covid-19 crisis. Resultantly, today, Uttar Pradesh has also become a revenue surplus state.
In 2021-22, there was a growth of 16.8 percent in GSDP (Gross State Domestic Product), which was even higher than the country’s growth rate.
In the same year, GSDP increased by one and a half times to about 19.16 lakh crores. There is a target of 17.07 percent growth in GSDP in 2022-23. At the same time, in the financial year 2023-24, this rate is estimated to be at 19 percent. Uttar Pradesh is a revenue surplus state under Yogi’s leadership. This increased revenue is becoming the basis for the development of the state. The tax revenue target of the state in 2022-23 was about 2 lakh 20 thousand 655 crores. About 124477.05 crores is estimated to be collected from Sales Tax/VAT in this financial year. State Excise is estimated at 49152 crores.
UP’s exports reached Rs 1.57 lakh crores
Petrol, diesel and ATF VAT rate in Uttar Pradesh is less than many states. The government emerged successful in keeping the fiscal deficit at 3.96 percent against the prescribed limit of 4.0 percent in the 2022-23 FRBM Act. Earlier, about 8 percent of the budget was given for the interest of the loans. In 2022-23 it came down to 6.5 percent.
On the other hand, due to the efficient financial management of the Yogi government, the exports of the state increased from Rs 88,000 crores to Rs 1.57 lakh crores. Banking business has reached 22 lakh 6 thousand crores by December 2022. The CD ratio of banks has increased from 46.21 to 54.67 percent at present. With this increase, loans worth Rs 9.52 lakh crore have been disbursed from 2017 to 2022.
