Uttarakhand is one of the fastest growing states in India, thanks to the massive growth in capital investments arising from conducive industrial policy and generous tax benefits. The state is situated in the foothills of Himalayas. The presence of several hill stations, wildlife parks, pilgrimage places and trekking routes make Uttarakhand an attractive tourist destination.
Between 2004-05 and 2014-15, Gross State Domestic Product (GSDP) expanded at a Compound Annual Growth Rate (CAGR) of 15.32 per cent to US$ 23.01 billion whereas the Net State Domestic Product (NSDP) expanded at a CAGR of 14.96 per cent to US$ 20.03 billion.
Uttarakhand has been successful in attracting long-term investments because of its key industrial and sector-specific policies. The state offers a wide range of benefits in terms of interest incentives, financial assistance, subsidies and concessions. Uttarakhand has a robust social and industrial infrastructure, virtual connectivity, over 38,680.92 km of road network, two domestic airports, 345 km of rail routes and an installed power capacity of 3,177.27 MW.
Directorate of Industries is the state level office responsible for implementing the policies and programmes for industrial development in the state.
Some of the major initiatives taken by the government to promote Uttarakhand as an investment destination are:
- In November 2015, the state government of Uttarakhand signed a Memorandum of Understanding (MOU) with The Hans Foundation (THF) for the launch of initiatives and development projects in agriculture sector in addition to health, education, forest, water, sanitation and welfare of the handicapped.
- Uttarakhand is being developed as an ‘energy state’ to tap the hydropower electric potential of over 25,000 MW.
- The state government of Uttarakhand is planning to launch a rail project between Rishikesh and Karanprayag. The length of the railway track would be around 12 km.
- In 2015-16 budget, the state government of Uttarakhand announced plans to invest US$ 16.77 million for industrial development.
- In 2015, the Government of Uttarakhand announced that Uttarakhand Housing and Urban Development Authority (UHUDA) and SIDCUL would collaborate to form integrated industrial townships at two land parcels of 1,000 acres and 1,500 acres in Khurpiya and Parag farms respectively.
- The Government of Uttarakhand announced the implementation of single window clearance system in the MSME (medium, small and micro enterprises) policy introduced in 2015.
- With the establishment of the Software Technology Parks of India (STPI) earth station at Dehradun now offers high-speed connectivity. There are more such earth stations planned at other locations. Facilities by BSNL and Reliance are also available in the state.
- The state government has decided to set up a horticulture marketing board to boost horticulture products in the state.
- The state government aims to set up cold chain storage warehouses in every district by 2022.
- The state government plans to utilise and leverage biotechnology for accelerating the economic development by converting its bio wealth into economic wealth.
- The single-window contract facility is available under a two-tier system-The District Industrial Centres (DIC) at the district-level and State Infrastructure and Industrial Development Corporation of Uttarakhand Limited (SIDCUL) at the state-level. These centres are responsible for providing information and escort services to entrepreneurs. They also maintain a data bank.
Uttarakhand State Presentation
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