Bhubaneswar: In another major decision, the State Cabinet has approved the Odisha Public Private Partnership (PPP) Policy 2023, which was formulated by the Directorate of PPP, Finance Department, for reinforcing and further accelerating the growth of PPPs in the State.
It will help the State to adapt to changes in the PPP ecosystem, Chief Secretary Pradeep Jena said.
The new Policy aims for an optimum balance between private sector risk and rewards. The fundamental benefit of this policy is to provide value for money to the State, resulting in better and affordable services over the long term, he said.
Shri Jena said the policy shall leverage State and Central Government funds, support private investment, and create a conducive environment to utilize the efficiencies, innovativeness, and flexibility of the private sector to provide better infrastructure and services at an optimal cost putting emphasis on social infrastructure also.
Besides, robust institutional and governance frameworks within the State to attract private sector investments, this policy shall create a level playing field for all participants and protect interest of all stakeholders and an institutional mechanism for speedy clearance of the projects, he added.
According to the policy, PPP projects requiring a minimum investment of Rs 500 crore would be approved by a High-Level Clearance Authority (HLCA). The Empowered Committee on Infrastructure (ECI) will have the authority to approve projects of a value ranging from Rs 10 crore to Rs 500 crore.