Latest update: November, 2016
Himachal Pradesh is one of the fastest-growing states in India. Being a sub-Himalayan state, Himachal Pradesh has a varied climate that changes with altitude. Agriculture contributes nearly 45 per cent to the net state domestic product. It is the main source of income as well as employment in Himachal.
Between 2004-05 and 2015-16, the gross state domestic product (GSDP) grew at a compound annual growth rate (CAGR) of 10.8 per cent to US$ 16.7 billion. With a hydro power potential of 27,436 MW (of which just 9,433 MW has been harnessed), Himachal Pradesh accounts for 25.9 per cent of the country’s total hydro power potential.
The rich natural resources of the state are favourably suited for investments in major sectors such as procurement of agricultural produce, hydroelectric power, cement and tourism. Himachal Pradesh has made significant achievements in the field of industrialisation in the past few years. As of December 2015, the state recorded 40,172 working units, of which, the large industrial units were recorded to be 138 whereas the medium scale units were 380. Out of the total allocated budget of US$ 5.23 million for the Industrial sector, an amount of US$ 3.03 million was incurred by the sector till December 2015.
Minerals constitute a fundamental component of the state’s economic base. Good quality limestone, which is one of the ingredients in the manufacture of cement, is available in plenty in the state.
In an effort to provide infrastructure support to entrepreneurs, the Himachal Pradesh government has developed 41 industrial areas and 15 industrial estates. Solan, Sirmour, Kangra and Una districts lead in terms of investments attracted.
The following are some of the major initiatives taken by the government to promote Himachal Pradesh as an investment destination:
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