Finance Minister Details Government's Progress on Realizing Yogi's Vision for Economic Growth

Uttar Pradesh Edges Closer to $1 Trillion Economy Goal

Uttar Pradesh is making steady progress towards its ambition of becoming a $1 trillion economy, driven by robust tax collections, rising investments, and expanding economic activity, Finance Minister Suresh Kumar Khanna announced.

The state's revenue collections posted a strong performance in May 2026, with Uttar Pradesh receiving Rs 20,491 crore from major tax and non-tax revenue sources, compared with Rs 18,120 crore in May 2025, registering an increase of Rs 2,371 crore. This growth reflects the state's strengthening economic fundamentals and its growing contribution to the national economy.

According to Khanna, the state is moving steadily towards the target of a one trillion-dollar economy. Uttar Pradesh's contribution to the national economy has increased from around 8.6 percent to more than 9.1 percent. The state's economy has expanded significantly, with its Gross State Domestic Product crossing Rs 30 lakh crore. The state expects it to reach around Rs 36 lakh crore as growth momentum continues.

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The state is implementing its largest-ever budget of Rs 9.12 lakh crore in the current financial year, with a focus on infrastructure, industrial development, employment generation, and social sector spending. Investor confidence in Uttar Pradesh has improved significantly due to reforms and infrastructure expansion undertaken over the past several years.

The state has secured substantial investment commitments and foreign direct investment while generating employment opportunities through industrial projects and business-friendly policies. Exports have also witnessed robust growth, with Uttar Pradesh's exports increasing to more than Rs 1.76 lakh crore from Rs 84,000 crore before 2014.

Khanna acknowledged that global economic challenges continue to affect growth prospects, including the energy crisis due to developments in West Asia. However, the state has maintained a balanced tax structure on fuels, with the tax on petrol at 19.36 percent or Rs 14.85 per litre and on diesel at 17.08 percent or Rs 10.41 per litre.

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