Nation

Yoginomics- Yogi adityanath’s Economic vision is more insightful than his critics imagine

The Emergence of Yogi Adityanath as state leader ushered the fundamental ideas of change in Uttar Pradesh, not the customary change that has been the priority and privilege of the elite and upper-middle-class but sharing the progressive vision for 1 trillion dollar economy, deeply rooted civilizational characteristics with an emphasis on pluralistic democracy and rationalizing inclusive growth favour Yogi as the only BJP Chief Minister to complete three years in office delivering successful governance differing from the preceding government constrained working approach.

Challenges ahead for UP

Uttar Pradesh is primarily an agrarian economy and therefore 70% of the population continues to be working in the agricultural sector contributing merely  30% of GSDP( Gross State Domestic Product). Despite increased investments in state and central government for food grains output, there’s no marked shift in improvement .

Major roadblocks in the agriculture sector include

Small landholdings – 80% Marginal farmers, huge population, poor mechanization with the rising cost of input,  irrigation techniques due to subsistence farming with output for cash crops followed by Mismanaged land and water resources.

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Across Uttar Pradesh, neglected roads, electrical, grids, water distribution capabilities are taking a toll on their economy pushing to inadequate infrastructure. Lesser quality infrastructure directly translates to higher cost for businesses and in turn reflects on end consumers. It’s an issue which gained traction and carefully examined by State and central establishment for further action. Further urbanization of cities and towns are contemplated which accounts to 30% now to be heading towards 40% in next 5 years..

Yogi Adityanath as chief minister diligently nudge between promise and policy relaxing intricate laws which help to resolve industrial disputes, facilitating deregulation, creating a lasting network for healthcare professionals, the latest recommendations for maintaining an official database for indigenous blue-collars, and those related to trade unions, contract employees, and migrant labourers

Growth offshoots for UP

To offset the economic shocks and impediments of the past several decades, Yogi government has formulated plans to accelerate the growth prospects through easy provisioning of loans for new start-ups, MSME’S, Micro-scale Industries, unorganized businesses. Meritorious sixty-thousand individuals have been sanctioned loans to the tune of 2500 Crore Indian rupees. state government-controlled cooperative banks and PSU banks are actively organising online festivals across the state distributing loans to individuals and entrepreneurs with workable business ideas. The move is seen as a big upswing for employment creation to a large number of migrant workers who have returned back to their hometown. their skills can be utilised for their own state. An estimated figure of more than 15 lakh workers will be indirect beneficiaries.

The key area of focus includes

User-friendly approvals for MSME’S, Quicker loan disbursal for individuals, eased labour law regulations to advance industrial progress.

Separate desk for countries like US, Japan, and the European Union to attract investments moving out from china due to intransigence between US-China.

Cost-saving measures by cutting down expenditures on state-sponsored advertisements, reducing operational costs, business class travel of officials setting a fine example for other states to utilize funds productively.

FastTrack clearance for SEZ, providing better options to sea-based economic activity, exploiting mineral resources,  impetus on service sector including IT, ITES, Hospitality and tourism.

Flagship scheme “Make in UP”  encouraging firms to establish and ramp-up manufacturing facilities in UP.

Fixed MSP support for farming outputs and vegetables facilitating cold storage in tier-1 and 2 cities.

Special focus on Infrastructure and increase spending on infra projects in the next 10 years.

New Norms; New challenges

COVID infection originated from Wuhan province of China disrupted India’s economic prosperity leading to doldrums. Uttar Pradesh is one of the worst affected states due to the nationwide imposed lockdown. To protect the people and defend them from the COVID virus, it’s necessary for the government to ensure economic growth. The Pandemic has clearly shown the importance of economic prosperity and needs for strengthening supply chains. Adityanath administration is carefully determined to achieve the mission by eliminating red-tape, directing agencies to review various regulations, devise short term and long term strategies to guarantee outcomes in various sectors, form subgroups to study the impact of the damage caused by COVID19. The positive signal is crisis presents us with vast oppurtunities to revamp our growth strategies and much needed structural reforms can be rewritten for post-pandemic revitalization.

About the author

Anand Raghavan

About the author : Electrical Engineer with deep passion towards AI & deep learning. Also an avid writer who likes to research & write about Geo-politics of US & China. Passionate about  free markets & foreign trade . Get to know more about me on Twitter @anandaragavan

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