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UP govt targets one trillion dollar economy by 2027-28, PPP model to play key role

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  • UP govt promotes PPP model for rapid, inclusive development of the state
  • UP govt targets over Rs 100 lakh crores investment via PPP model by 2027-28
  • UP govt identifies capable sectors along with core sectors to adopt PPP model

By Our Correspondent

Lucknow, July 6:  The Uttar Pradesh government headed by Chief Minister Yogi Adityanath 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.

The government 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.

Focus on investment in key sectors

In 2022-23, Uttar Pradesh’s economy was valued at $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.

Government may establish PPP cell

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.

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 neighboring 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 centralized information hub for all PPP projects in the state.

 

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