UP was a backward state before 2017; it’s an example of economic progress today: Suresh Khanna

Uttar Pradesh, once considered a backward state before 2017, has become a model of economic progress, security, and good governance, state Finance Minister Suresh Khanna said on Saturday.

Addressing a session on ‘Transforming Financial Landscape in UP’ at the UP International Trade Show, he remarked that the state is advancing on all fronts of development. Other speakers included Minister of MSME, Khadi, and Village Industries Rakesh Sachan, Special Secretary in the Finance Department Sameer Verma, Chief General Manager of Bank of Baroda Inder Mohan Singh, and several dignitaries.

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Finance Minister Suresh Khanna said that the UP International Trade Show is an excellent platform not only for the state but for entrepreneurs across the country, adding that the success of this event can be gauged from the increasing number of investors and entrepreneurs attending it. The state Finance Minister said that since the NDA came to power at the Centre and the Yogi government in UP, law and order has been strengthened, and organised crime has been eliminated.

“As a result, the state, which was once lagging in terms of economy and development, is now writing a new chapter of progress. Chief Minister Yogi Adityanath is tirelessly working for UP’s development. Before 2017, UP’s situation was extremely poor, but today the entire world recognises UP for its better law and order and economic progress,” he stated. Referring to foreign visits, he said that even there, people say that a leader like Yogi is needed.

The state Finance Minister mentioned that under the Yogi government, UP’s budget and its size have been continuously increasing. By 2018, the budget size was Rs 3 lakh crore, which has now increased to over Rs 8 lakh crore. He said that due to a proper law and order situation, the ‘Ganga of development’ is flowing in UP, and investments of over Rs 15 lakh crore have come in so far. He also stated that the state government is providing every possible support to investors. Apps like ‘Nivesh Mitra’ and ‘Nivesh Sarathi’ have been created for the convenience of investors.

The Finance Minister appealed to entrepreneurs to focus on the quality of their products so that Indian products can become trusted brands globally. Advising national banks to improve their CD ratios, Khanna said that the terms and security measures of private banks are stricter than those of nationalised banks, yet their CD ratio is better. Therefore, nationalised banks should introspect and make improvements and adopt a more liberal approach. He mentioned that UP leads the country in attracting FDI, with Rs 3,700 crore of FDI received so far. This is the result of India rapidly advancing towards realising the vision of a developed nation under Prime Minister Narendra Modi’s leadership.

Suresh Khanna said that relief in GST will directly benefit the common people. UP’s exports before 2014 were Rs 84,000 crore, which has now increased to over Rs 1,76,000 crore. There has been a tremendous boost in UP’s economy. We have increased our budget by 133% and, in 2024-25, have become a revenue surplus state with Rs 59,000 crore. Our income exceeds our expenditure by a significant margin, making UP a frontrunner in the country in this regard.

Meanwhile, UP MSME Minister Rakesh Sachan said that Uttar Pradesh’s current budget is the largest ever, and under CM Yogi Adityanath’s leadership, the state continues to achieve remarkable economic progress, now ranking second in national GDP contribution. Guided by PM Narendra Modi and CM Yogi, schemes such as ‘One District, One Product’ and the ‘Vishwakarma Scheme’ have benefited 25 crore people, with 10 new trades added recently.

After agriculture, MSME is the largest employment-generating sector, with GST reforms opening further growth avenues. Over seven lakh young entrepreneurs have applied for loans, though some still face challenges. Sachan urged banks to ensure financial support for all youth and suggested introducing a dedicated credit card facility for MSMEs, similar to farmers’ credit cards, to boost entrepreneurship.