Uttarakhand hires McKinsey to help reach GDP target

The logo of McKinsey & Company management consulting firm. File.
| Photo Credit: AFP

Uttarakhand has hired McKinsey, a global management consultancy, to help the Himalayan State in achieving the target of doubling its Gross State Domestic Product (GSDP) in the next five years.

The State has the target of doubling GSDP from ₹2.73 lakh crore to ₹5.5 lakh crore by achieving a CAGR of 15% in the next five years.

The government has signed a two-year agreement with the company under Shashakt (empowered) Uttarakhand mission. The company will work in areas like agriculture, horticulture, Urban (Brownfield and greenfield cities), service sector, infra projects (core as well as social sectors) to accelerate the income of the people and of the State.

Secretary (Planning) R. Meenakshi Sundaram said that in the first six months, the company will select the sectors where progress is needed through new investments and reforms. “It will also bring renowned companies to invest in the identified areas 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 work to provide export market for the products.

Commenting on the plan of ambitious economic growth, Chief Minister Pushkar Singh Dhami has said that the State government is committed to developing Uttarakhand as per Prime Minister Narendra Modi’s dreams.

“PM has said that the third decade of this century will be the decade of Uttarakhand. To make his dreams come true, we have given the firm a target of doubling the GDP of Uttarakhand in five years,” he added.