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Uttar Pradesh's economy estimated to expand by 4.4% in 2019-20

In services sector, the GSVA is projected to witness a growth of 7.5 per cent during 2019-20

Virendra Singh Rawat  |  Lucknow 

Rupee, EPFO, money, economy

According to the advanced estimates, released by the Economics and Statistics Division of Uttar Pradesh's State Planning Institute, the growth in gross state domestic product (GSDP) at constant (2011-12) prices is estimated to be 4.4%. is targetting to become a $1-trillion economy by 2024.

According to the gross state value added (GSVA) estimates at constant prices for FY20 - the primary, secondary and tertiary sectors of the UP's economy show a growth of 2.2 per cent, 1.1 per cent and 7.5 per cent. It reflects that highest growth will be recorded by the tertiary sector. The growth of net state domestic product (NSDP) at constant prices is estimated at 4.3 per cent.

The economics and statistics division of the UP Planning Institute has released the advance estimates of the state income at constant and current prices for 2019-20 on base year 2011-12 (=100).

Besides, the GSVA of the state crop subsector is projected to grow by 1.6 per cent during 2019-20. The estimates of livestock subsector have been prepared using the milk, egg and wool production data of 2019-20 provided by UP animal husbandry department and rates provided by the CSO. The GSVA of Livestock subsector is likely to show a growth of 3.8per cent during 2019-20.

The main indicators used to estimate industry sector estimates are the state wholesale price index (WPI) and state Index of Industrial Production (IIP). The GSVA of manufacturing subsector is likely to be more than Rs 1.83 trillion, showing a growth of (-) 1.5 per cent during 2019-20.

In services sector, the GSVA is projected to witness a growth of 7.5 per cent during 2019-20. The main indicators used to estimate service sector estimates are preceding 3 years’ average growth rate and consumer price index (CPI) of 2019-20.

Meanwhile, the GSDP of UP at current prices for 2019-20 is likely to hit the level of Rs 17.95 trillion.

According to Institute director Arvind Kumar Pandey, these estimates are based on methodology provided by the Central Statistical Office, New Delhi and by adhering to the all India 1st advance estimates released last month, as well as by using the provisional data of targets and achievements provided by various related departments of the UP government.

Meanwhile, the per capita income of UP (in terms of NSDP at current prices) has shown a growth of 5.9 per cent, rising from Rs 66,512 in 2018-19 to Rs 70,419 in 2019-20.

The sectoral distribution of gross state value added (GSVA) at current price is primary sector 25.2 per cent, secondary sector 25.8 per cent and tertiary sector 49.0 per cent.

The GSDP at constant prices is likely to breach the level of Rs 11.87 trillion in 2019-20 as against the quick estimates of GSDP for the previous financial year 2018-19 of Rs 11.37 trillion.

First Published: Fri, February 21 2020. 16:07 IST
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