MoS Finance Pankaj Choudhary Unveils Plan for Meerut’s GDP To Touch Rs 2 Lakh Cr By 2027
Updated: Dec 02, 2023 03:24:05pm
MoS Finance Pankaj Choudhary Unveils Plan For Meerut’s GDP To Touch Rs 2 Lakh Cr By 2027
Meerut, Dec 2 (KNN) Union Minister of State for Finance Pankaj Choudhary on Friday released a plan to quadruple the economy of Meerut in four years.
The study titled "Study for Quadrupling Meerut's GDP”, was conducted by Economist Manak Singhi- former Senior Advisor with Government of India, commissioned by Meerut Citizen Forum and Federation of India Micro and Small & Medium Enterprises (FISME).
“Such a study has been conducted for the first time in India and is in sync with the PM Modi’s philosophy of a bottom up approach for economic growth,” said Choudhary.
While presenting the findings of the study, Singhi outlined four path approach to address these challenges and drive GDP growth to 18-20%.
The study posits that the already committed investments to Meerut if implemented would generate additional growth by 2.7%. Further growth could be created by 1% from labour participation, 2% by labour relocation and 1% by institutional improvements.
The study also emphasized the potential of Meerut to become an Educational and Medical Hub, further driving economic growth. The focus, according to the study, should be on nurturing local indigenous clusters and industries that have the potential to grow and provide employment opportunities.
Member of Parliament from Meerut Rajendra Agrawal termed the study a ground-breaking initiative.
"Meerut's potential to grow economically can be realized when all stakeholders come together" he added.
He appreciated the steps taken to improve the law and order situation in the city and assured that the government is fully committed to supporting Meerut's economic growth.
Anil Bhardwaj, Secretary General, FISME, highlighted the importance of investment in MSMEs, stating, "Investment is a necessary but not sufficient condition for economic growth. The top-down approach to address poverty and economic issues has not worked." He further emphasized the need to incentivize natural farming and promote agroecology courses at the university level.
Pankaj Chaudhary, MoS (Finance), GoI, underscored the historical and cultural heritage of Meerut, emphasizing the central government's focus on inclusive and grassroots development.
He highlighted the government's initiatives such as the Skill India program, the Mudra loan scheme, and the simplification of labour laws.
The MoS emphasized that India's perception has changed globally, and it is now the fifth-largest economy, poised to become the third-largest soon.
The study's launch marks a significant step towards Meerut's economic transformation. With a focus on MSMEs and a collaborative approach among stakeholders, Meerut is set to quadruple its GDP and become a thriving economic hub.
While delivering the welcome address founder member of MCF Abhishek Singhal highlighted the need for undertaking the study to address the disconnect between Meerut master plan 2031 and the current state of Meerut economy and the state of ease of doing business.