UP CM to hire consultant for $1 tn economy plan

NEW DELHI: The Yogi Adityanath-led BJP government in Uttar Pradesh has decided to hire a consultant to shape its strategy for reaching the $1 trillion milestones by 2025 in an effort to give a boost to Prime Minister Narendra Modi's target of $5 trillion for the country. 

A request for proposal (RFP) document, a copy of which was seen by ET, issued by the UP government on Friday conceded that it will be a “herculean task” to boost the state’s economy fivefold from a $0.23 trillion economy in 2018-19 and said some “giant steps” need to be taken by the state government to move forward. UP currently has a 7% growth rate. “UP is the most populous state and plays a critical role on the road to India becoming a five trillion dollar economy.

Aligning the state with the national target, the UP CM is keen to play a leading role. It will require raising the current growth rate substantially and necessitate a significant increase in the investment rate, besides improvement in basic infrastructure,” said the document. 

The consultant will have to undertake a critical analysis of macro and microeconomic sectoral data of the state in all key sectors and identify key factors which have contributed to each sector’s economic growth in the past four years and how these factors will include policies of central as well as the state government, human resource, infrastructure, application of new technology, special projects, and governance. 

In addition, the consultant will have to compare the structural, institutional, financial and governance reforms carried out and outcomes achieved in the top three states of India and the top three countries across the globe which have similarities to UP. The consultant will need to develop a strategy for public-private partnership (PPP) options across sectors.

from Economic Times https://ift.tt/2Yf2sbf