Uttar Pradesh GDP may touch Rs 443,000 cr by 2020

Industry chamber Assocham today released ‘Uttar Pradesh: Vision 2020’, which projects the Gross Domestic Product (GDP) of the state to touch Rs 4,43,000 crore by 2019-20, up from Rs 2,70,849 crore in 2008-09.

The paper says the 64 per cent rise in GDP would be mainly due to robust growth in sectors like service, agriculture, small and medium enterprises (SMEs), tourism and hospitality and infrastructure.

It says the Information Technology (IT) and hospitality sectors have huge potential. The state government should provide modern infrastructure facilities, state of art telecommunications network, skilled manpower and experts, attendant facilities like efficient transport network, education, housing, healthcare etc.

 

The paper highlighted that Noida has been amongst the top cities in UP in terms of IT export and production. It has emerged as a hub for software and research and development. Its production in UP touched a high of Rs 10,695 crore during 2007-08 and it is expected to rise further in the coming years.

UP can leverage the advantages it possesses to develop IT sector rapidly. The state registered 26.52 per cent growth in software exports through the Software Technology Parks of India (STPI) during 2007-08.

The state could be the global IT hub of the world by creating a knowledge driven ecosystem, leveraging entrepreneurship and promoting socially inclusive growth. The calculation by CAGR showed the sector could grow from Rs 10,264 crore in 2008-09 to Rs 1,32,718 crore in 2019-20.

“The study has been submitted to UP chief minister Mayawati with particular emphasis on growth in agriculture, services and information sectors,” Assocham Secretary General D S Rawat said releasing the paper.

SME is another priority area, which requires low investment yet generates more employment as well as more purchasing power in the hands of people at lower strata.

It suggests the government should focus on helping those SMEs, which have readily available raw material and which require low technology and skill.

According to the paper, the GDP originating in agriculture and allied activities could show a Compounded Annual Growth Rate (CAGR) of 2.18 per cent annual growth from 2008-09 to 2019-20. The calculations depict the sector would grow from Rs 73,166 crore in 2008-09 to Rs 92,750 crore in 2019-20.