Co-Chair Hasan Yaqoob Commends Future-Focused Vision Driving Employment, Innovation & Industrial Growth
Lucknow: ASSOCHAM Uttar Pradesh State Development Council today applauded the state government’s presentation of the largest budget in UP’s history, describing it as a transformative roadmap that positions the state at the forefront of India’s economic resurgence.
Hasan Yaqoob, Co-Chair, ASSOCHAM Uttar Pradesh State Development Council, stated: “The ₹9,12,696 crore budget presented by Finance Minister Suresh Kumar Khanna is not merely a financial statement—it is a strategic vision document that demonstrates the Yogi Adityanath government’s commitment to making Uttar Pradesh India’s economic powerhouse. The 12.9% growth over last year, coupled with capital expenditure comprising 19.5% of the budget, signals a future-focused approach that prioritizes sustainable development over populist measures.”
Highlighting the budget’s business-friendly orientation, Mr. Yaqoob noted, “The allocation of ₹27,103 crore for infrastructure and industrial development, establishment of AI Mission and Data Centre Clusters, and the commitment to creating 10 lakh employment opportunities demonstrate an unprecedented alignment between government policy and industry needs.”
Key Industry-Relevant Highlights:
- Manufacturing Leadership: UP’s production of 65% of India’s mobile phones and ₹44,744 crore electronics exports positions the state as a global manufacturing hub
- Infrastructure Push: ₹34,468 crore for roads and bridges creates the logistics backbone essential for industry expansion
- Energy Security: ₹65,926 crore allocation ensuring 24-hour power to district headquarters supports uninterrupted industrial operations
- Skill Development: Focus on training 9 lakh+ youth address the critical skilled workforce gap for expanding industries
- MSME Support: ₹3,822 crore for a sector employing 3.11 crore people strengthens the industrial ecosystem’s foundation
“What distinguishes this budget is its recognition that economic growth and social development are complementary, not competing priorities,” Mr. Yaqoob emphasized. “The per capita income doubling to ₹1,09,844, lifting 6 crore people from poverty, and achieving a 2.24% unemployment rate create the purchasing power and social stability that businesses need to thrive.”
ASSOCHAM particularly commended the government’s fiscal discipline—maintaining a sub-3% fiscal deficit while achieving these ambitious goals, and the commitment to reduce the debt-GSDP ratio to 23.1% without introducing new taxes over nine years.
The Council reaffirmed its commitment to partnering with the state government in translating this visionary budget into tangible outcomes that benefit both industry and citizens, positioning Uttar Pradesh as the engine driving India’s journey toward becoming a developed nation.
