Bhubaneswar, Aug 11: The Odisha Cabinet on Friday approved the Odisha Public Private Partnership (PPP) Policy 2023 for reinforcing and further accelerating the growth of PPPs in the state.
The policy, which was formulated by the Directorate of PPP, Finance Department, 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.
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.
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.
