Sikkim is naturally endowed with rich flora and fauna. Its climate and topographical conditions support industries such as agriculture, horticulture, food processing, tourism and non-timber forest produce.
The state follows the North East Industrial Investment Promotion Policy, 2007, which provides several incentives and concessions for investment in the state. The state provides excellent institutional support through various central and state government agencies viz., North East Council, Ministry of Development of North Eastern Region, Commerce and Industries Department.
At current prices, the total Gross State Domestic Product (GSDP) of Sikkim was about US$ 567.8 million in 2008-09. The state’s GDP grew at a CAGR of 11.9 per cent between 1999-2000 and 2008-09. Sikkim was among the states that recorded high GSDP growth rates between 1999-2000 and 2008-09.
The Commerce and Industries Department of Sikkim is involved in promotion of trade and industry in the state. The Sikkim Industrial Development & Investment Corporation Limited (SIDICO) is the state-level institution engaged in promoting, financing and developing the tiny and small scale industries (SSI) sector in the state. Eco-tourism, handicrafts and handlooms, silk reeling and processing, precision engineering, electronics, IT, medicinal plants, floriculture, tea, spices, honey and biotechnology are thrust areas identified by the state.
Sikkim is a leading Northeastern state in hydroelectric power development with PPPs with 24 different projects identified. Sikkim has identified agro-based industries, horticulture and floriculture, minor forest-based industries, animal husbandry and dairy products, tourism-related industries, IT including knowledge-based industries, precision oriented high value low volume products, hydro-power, tea, education and hospitality as thrust sectors.State Presentation (November 2010)
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