The logo of the management consulting firm McKinsey & Company. Case. | Photo credit: AFP
Uttarakhand has engaged McKinsey, a global management consultancy, to help the Himalayan state achieve the goal of doubling its Gross Domestic Product (GSDP) over the next five years.
The state aims to double the GSDP from ₹2.73 lakh crore to ₹5.5 lakh crore by reaching a CAGR of 15% over the next five years.
The government has signed a two-year agreement with the company under the Shashakt (authorized) Uttarakhand mission. The company will work in areas such as agriculture, horticulture, urban (disused and green cities), service sector, infrastructure projects (basic and social sectors) to accelerate people’s incomes and the state.
Secretary (Planning) R. Meenakshi Sundaram said that during the first six months, the company will select areas where progress is needed through further investments and reforms. “It will also lead to well-known companies investing in the areas identified in the remaining year and a half. The agency will invest in increasing the yield of crops and products and improving their quality,” he said.
Mr. Sundaram added that the company will also endeavor to provide an export market for the products.
Commenting on the ambitious economic growth plan, Chief Minister Pushkar Singh Dhami said the state government is committed to developing Uttarakhand according to Prime Minister Narendra Modi’s dreams.
“The Prime Minister has declared that the third decade of this century will be the decade of Uttarakhand. To achieve its dreams, we have given the company a target of doubling Uttarakhand’s GDP in five years,” he added.