The Yogi Adityanath-led Bharatiya Janata Party government in Uttar Pradesh has decided to hire a consultant to shape its strategy for reaching the $1-trillion economy milestone by 2025 in an effort to give a boost to Prime Minister Narendra Modi’s target of making India a $ 5-trillion economy.
A proposal to this effect was approved by the state cabinet by circulation on Friday.
A high-powered committee headed by the chief secretary has been set up for the selection of the consultant.
A request for proposal (RFP) document has been prepared for the selection of the consultant through open tender. A sub-group has also been set up to scrutinise the tenders received. It would submit its report to the high-powered committee after analysing the tenders.
The term of the consultant will be five years and he will have to file a report within 150 days.
The government, after studying the technical report, will take up the follow-up decision for achieving the target of reaching the $ 1-trillion economy milestone by 2025
The RFP document concedes that it will be a Herculean task to boost the state’s economy fivefold from a $ 0.23-trillion economy in 2018-19 and says that some “giant steps” need to be taken by the state government to move forward.
UP currently has a 7 per cent 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 chief minister 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,” the document says.
The consultant will have to undertake a critical analysis of macro and micro economic sectoral data of the state in all the key sectors and identify the 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, and financial and governance reforms carried out and the outcomes achieved in top three states of India and top three countries across the globe which have similarities to UP. The consultant will have to develop a strategy for public-private partnership (PPP) options across sectors.