Uttar Pradesh: A Financial Success Amidst Challenges
Uttar Pradesh, despite having the second lowest per capita income in India, has been praised for its effective financial management. Arvind Panagariya, Chairman of the 16th Finance Commission, highlighted the state's achievements in tax collection, debt management, and fiscal responsibility at a recent press conference.
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Despite being the second lowest in per capita income nationwide, Uttar Pradesh has garnered praise as a well-managed state financially, said Arvind Panagariya, Chairman of the 16th Finance Commission, during a press conference in Lucknow.
The commission learned about UP's successful economic reforms and impressive fiscal performance while interacting with Chief Minister Yogi Adityanath and senior officials. Underlining its robust tax collection relative to GSDP, Panagariya suggested that other states could learn from UP's model to solve their revenue challenges.
He lauded UP's prudent fiscal management, noting the state's expenditures align well with its budget and its debt-to-GDP ratio remains manageable. Panagariya also mentioned the state's push for a 50% share in tax revenue and additional funds for targeted development projects.
(With inputs from agencies.)
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