UP govt promotes PPP model to achieve one trillion dollar economy goal by 2027-28

Lucknow (Uttar Pradesh) [India], July 6 (ANI): The Uttar Pradesh government is embracing the Public Private Partnership (PPP) model across various sectors to achieve the one trillion dollar economy goal for Uttar Pradesh by 2027-28.

To reach the goal of a one trillion dollar economy by 2027-28, Uttar Pradesh needs an overall investment of $1.3-1.5 trillion (Rs 105-120 lakh crore). In this, public investment is expected to be between Rs 12-16 lakh crore, while private investment could range from Rs 93-108 lakh crore, according to an official release.

Sector-wise, about Rs 2 lakh crore worth of PPP projects are either completed, ongoing, or set to begin. To expedite these efforts, the government is considering establishing a PPP cell within the PPP framework. Many states, including neighbouring Uttarakhand, have set up PPP cells.

These cells address the lack of institutional mechanisms and encourage collaboration between the public and private sectors for developing infrastructure projects. They also attract private investment in sectors such as transport, energy, healthcare, education, and tourism. Additionally, the PPP cell helps create job opportunities and provides a centralised information hub for all PPP projects in the state.

The government, under the leadership of Vhief Minister Yogi Adityanath is promoting the PPP model in four core sectors and others with significant potential for PPP integration to propel the state’s economic growth. Notably, the state has set an investment target of Rs 105 lakh crore to Rs 120 lakh crore from 2023-24 to 2027-28 to realise the vision, an official release said.

In 2022-23, Uttar Pradesh’s economy was valued at USD 279 billion. Chief Minister Yogi Adityanath has pledged to grow it to a one trillion dollar economy in the next five years. To achieve this goal, the state government is emphasizing rapid and inclusive development. To boost the economy, sectoral interventions are being implemented, and key sectors that support growth are being promoted.

The core sectors include agriculture, manufacturing, tourism, and IT & ITES, education and skill development, energy, health, infrastructure, and urban development. The government believes these sectors have great growth potential with investment. The PPP model can be a crucial way to attract private investment in these sectors, the release added.