Uttarakhand’s economy is largely driven by agriculture and tourism. Given the drastic impact of the pandemic-induced lockdown, which hit every industry for two years, the country’s economy has also taken a hit.
Although in 2018-2019 Uttarakhand reported a growth of 7.64 percent in the state’s gross domestic product (GDP) in 2019-20, the state recorded a growth of 7.14 percent in 2019-20. year, according to the data of the Ministry of Statistics and Program Implementation.
The Himalayan state has now hired McKinsey, a global management consultancy, to double the GDSP over the next five years. It has set a target of growing the economy from INR 2.73 lakh crore 00 00 00 00 00 00 00 00 00 00 00 000 crore which will be achieved by reporting a Compound Annual Growth Rate (CAGR) of 15% by 2027.
Implementation of new investments and reforms
Under the Shashakt Uttarakhand mission, the government has signed a two-year contract with McKinsey. Founded in 1926 by accountant James McKinsey and business theorist Marvin Bowers, the company has worked with more than 750 clients to date, the most notable of which are Google, Amazon and Microsoft.
The main focus of the company for the Government of Uttarakhand will be on areas such as agriculture, infrastructure projects, service sector, horticulture, cities (Brownfield and Greenfield cities) and social sectors. This will help the country to accelerate the income of the country and its people.
In the first six months, the company will select sectors that need progress through new investments and reforms. Secretary (Planning) R. Meenakshi Sundaram said in a report in The Hindu, “It will also allow reputed companies to invest in certain areas in the remaining one-and-a-half years. The agency will invest in increasing crop yields and products and improve their quality.” He added that McKinsey will also work to create an export market for the products produced in the country.
“Fulfilling the Prime Minister’s Dream”
Chief Minister Pushkar Singh Dami has said, “Prime Minister Narender Modi has said that the third decade of this century will be the decade of Uttarakhand. To fulfill his dreams, we have set a corporate target of doubling Uttarakhand’s GDP in five years.”
The Prime Minister made the announcement in October this year while attending a function in Mana – the state’s last village – to lay the foundation stone for projects worth over 3,400 crores in Uttarakhand.
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