75% growth in five years pushes Lucknow into India’s top urban economies

Lucknow: Lucknow is transforming from UP’s administrative capital into north India’s fastest growing financial and investment centres, as the city witnessed 75% economic growth between FY 21 and FY 26 with estimated economy value of Rs 2.29 lakh crore (USD 23.7 billion), claimed Quantum Mutual Fund, a Mumbai-based asset management company that has opened office in the state capital.According to industry data, UP’s economy has grown massively over the past decade, with the gross state domestic product rising from around Rs 13.3 lakh crore in 2016-17 to nearly Rs 30 lakh crore in 2025-26.“Lucknow is emerging as a major beneficiary of this growth. The city’s economy is now estimated at nearly Rs 2.29 lakh crore, making it India’s 12th largest urban economy. The city has recorded around 75% economic growth between FY21 and FY26.

Its per capita income has also nearly reached the national average,” said Seemant Shukla, chief executive officer of the company.“Mutual fund investments in Lucknow have increased almost 10 times over the last 12 years, from Rs 4,383 crore in 2014 to around Rs 44,240 crore in 2026. At the same time, bank deposits in the city jumped from Rs 58,000 crore to over Rs 3.06 lakh crore,” he added.Mutual fund assets have crossed Rs 3.42 lakh crore, with UP contributing about 4% to the country’s total.“Rapid urbanisation, better infrastructure and increasing financial awareness are helping create a strong investment culture in UP, especially in the Lucknow-Kanpur growth corridor,” added Shukla.