UP to play big role in India's goal to become $5 trillion economy: Rajnath Singh

Defence Minister Rajnath Singh on Thursday said Uttar Pradesh will play an important role in turning India into a five trillion dollar economy and also be counted among the three largest in the world by 2030.

Singh was addressing a seminar on UP’s defence manufacturing corridor at DefExpo 2020 here.

"By 2030, India will be among the top three economies of the world. UP will have important role in it," he said.

"The PM has fixed a target of making India a five trillion dollar economy by 2024,” he recalled.

He said some economists are asking how the country will achieve this target when there is a slowdown in the world.

But despite the slowdown, India is the “fastest growing” economy, he added.

“If there is a decline in one quarter, it is not the matter of concern," the minister said.

He said World Bank has also predicted a revival.

That means there is no doubt that India will achieve the target of becoming a five trillion dollar economy, he said.

Singh said Uttar Pradesh will pay a major role in achieving the target and praised the steps taken by Chief Minister Yogi Adityanath.

He said there is a single-window system for investors and connectivity through air, rail and road is very good in the state.

“We will not let you face any problem," he said, asking investors to choose UP. Chief Minister Adityanath made the same pitch to them.

Adityanath said the state has already prepared its defence manufacturing policy and has a large land bank.

"Organising the investors' summit in 2018 was like a big dream. We have received investment of Rs 2.5 lakh crore in the past two years,” the CM said.

At another DefExpo event, Adityanath said UP provides such investment opportunities that industrialists could make India self-dependent in defence production.

"Our policy is much better than other states and it will attract investment here," he said at a seminar organised by Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) and trade body FICCI.

He said the state planned to develop 17 'Smart and Safe Cities' offering huge investment possibilities.

He added that the Uttar Pradesh government is developing infrastructure at a fast pace.

Adityanath listed projects like the Purvanchal, Bundelkhand and Ganga expressways which are in different stages of development.

Defence manufacturing firms from across the world are participating in the five-day DefExpo, inaugurated by Prime Minister Narendra Modi on Wednesday.