'U.P needs to become $1Tn economy for India to become $5Tn': NK Singh

Chairman of the 15th Finance Commission NK Singh on Tuesday, October 22, in a meeting with Uttar Pradesh Chief Minister Yogi Adityanath and his officials said the state needs to become a $1 trillion economy. “If the goal of PM Modi is to make India a $5 trillion economy, then it's important that UP becomes a $1 trillion economy. Until & unless UP becomes a $1 trillion economy, India cannot become a $5 trillion economy,” he said during the meeting in Lucknow.

A visit to discuss the economic matter of the state

NK Singh said that for the past few years, the nominal GDP growth in Uttar Pradesh has been more than the national average. "In addition, the state has maintained fiscal discipline and complied with the FRBM Act. The commission is satisfied with the financial performance of the state," he said. Singh also said that the progress made by Uttar Pradesh in achieving Sustainable Development Goals was lower than the national average. NK Singh along with his members and senior officials is on a four-day visit to Uttar Pradesh. He met CM Yogi Adityanath, his Cabinet colleagues and state government officials. During the visit, the commission is meeting different sections of government officials to discuss the economic matter of the state. 

READ | Indian economy structurally, fundamentally strong: MoS Finance

READ | Finance Ministry: Economy is projected to contribute to global growth

PM Modi assured a $5 trillion economy

Last week, Prime Minister Modi, amid opposition parties targeting the government over the slowdown of the economy, assured the youth that the coming years were going to be full of possibilities. He further asserted that the government is committed to make India a $5 trillion economy. "How much ever somebody tries to spread negativity, I assure the youth that the coming years are full of possibilities," Modi said addressing an election rally on Thursday. He said business leaders were keen to come to India, investment has grown in five years and the country is seen as an FDI-friendly country. "Every business leader I've had a discussion with globally is keen to come to India. The growth in investment in India in the last five years has been five times," he said.

READ | PM Modi shuns Opposition on economy slowdown, assures $5 trillion aim

READ | Turning India into majoritarian nation 'crippled' economy: Congress

(With ANI inputs)