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UP Must Become a $1 Trillion Economy for India to Meet $5 Trillion Target: Finance Commission

He further said that if the state's growth rate is accelerated to its full capacity, then achieving this target will not be a big thing.

PTI

Updated:October 22, 2019, 9:34 PM IST
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UP Must Become a $1 Trillion Economy for India to Meet $5 Trillion Target: Finance Commission
File photo of NK Singh, Chairperson, 15th Finance Commission. (Credit: Twitter@NKSingh_MP)

Lucknow: The Finance Commission on Tuesday said that Uttar Pradesh must grow at its full capacity to become a USD 1 trillion economy, which will help India achieve a GDP size of USD 5 trillion.

Speaking to reporters here, Finance Commission chairman NK Singh on Tuesday said, "For India to become a USD 5 trillion economy, UP has to become USD 1 trillion economy. For development of UP, a new growth rate is needed. If UP continues to move at this (current) rate, then it will not be able to become a USD 1 trillion economy."

He further said that if the state's growth rate is accelerated to its full capacity, then achieving this target will not be a big thing. The state has bring a lot of improvement, Singh said.

On the possibility of a package for the state from the Finance Commission to make the economy USD 1 trillion, Singh said, "The team of the Finance Commission has toured 27 states, and there is not a single state which has not demanded a special package. What parameters will be used, how much weightage will be given and under which formula funds be divided between Centre and states, are some of the challenges before the Commission. So you have to wait for the Commission's report."

Singh also said, "The current position of the state in the context of UN's Sustainable Development Goals is not laudable. Priority should be given to education and health sectors. The programmes (as the parameters) which have been presented before the Finance Commission, there will be special sympathy on them (programmes). If work is done on the thoughts of the Commission as to how to transform the district hospitals into medical colleges, then it will benefit the state."

The head of the Finance Commission also said that possibilities in the state are more than the challenges. "The thought of the UP government on linking primary education with a syllabus is positive. Chief Minister Yogi Adityanath is himself thinking on how to link the aaganwaadi with pre- primary education," he said.

Singh also said, "The GDP rate of the state achieved in last two years is higher than the national average. The state has done its financial operations in the right manner."

He said that the UP government has implemented UDAY Scheme, but is not able to fulfil some conditions, as cost of power transmission is still high.

Singh also said that the visit to the state has proved to be beneficial.

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