Indian Economy News

Haryana attracts FDI of US$ 73 billion during 2019--20: Chief Secretary

  • IBEF
  • November 2, 2020

In 2019–2020, the Haryana government formulated an investor-friendly industrial and business promotion strategy and attracted US$ 73 billion in foreign direct investment (FDI), becoming the country's fifth largest economy, Chief Secretary Mr. Vijai Vardhan said on Thursday.

Representing India at the first meeting of the Forum of Heads of Regions of the Shanghai Cooperation Organization (SCO), hosted by Russia, Mr. Vijai Vardhan said it was a matter of pride that he was representing India. He welcomed the initiative of the Shanghai Cooperation Organization (SCO) to coordinate this dialogue between the Area Heads of the Member States. He added that this forum would pave the way for better cooperation and collaboration between member countries and regions.

He said that the state of Haryana spans just 2% of India geographically and has a population of approximately 25 million, which is still the leading state in the agricultural and industrial sectors. The state is surrounded by three sides of New Delhi and three industrial cities of Gurugram, Faridabad, Rohtak, fall within a 70 km radius of New Delhi International Airport. He further added that a new airport in the Hisar district of Haryana is also being built at a rapid rate.

In addition, the state has a rail network of more than 1,700 km and, following the approval of the Government of India's new Haryana Orbital Rail Corridor (HORC) project in September 2020, the transport network in the state will be further enhanced. The state has a road network that is very well thought out, with more than 30 national highways, 11 expressways and state highways.

Mr. Vijai Vardhan said Haryana is one of the nation's largest car hubs, and two-thirds of passenger vehicles, 50% of the country's tractors and 60% of motorcycles are produced here. In addition, Haryana is the perfect destination for auto companies and producers of auto parts. In the field of IT and biotechnology, the state has also made its mark and is the third largest exporter in terms of software and the chosen destination for IT / ITES facilities.

The Chief Secretary further elaborated on IT, saying that Gurugram district has emerged as a chosen destination for the IT industry with over 400 information technology (IT) companies in North India. The state, meanwhile, is an educational centre as well. Speaking about this, he said that India's first Mr. Vishwakarma Kaushal University for the Development of Skills for Vocational Education was established in Haryana.

He said Haryana has over 60 universities, including science and technology universities, health sciences, agriculture, veterinary science, performance, and visual arts. Haryana is one of the most successful research and development (R&D) destinations, and the state has invested in top companies such as Intel, Apple, Samsung, Amazon, and Google. The State Government has formed Department of Foreign Cooperation to streamline various issues relating to foreign cooperation.

He said there is enormous potential for cooperation between the member countries of Haryana and the Shanghai Cooperation Organization (SCO) in the areas of trade and commerce, automotive manufacturing, skills development, IT and ITES, agriculture and agro-based industries such as food processing, health and animal science. He invited all member countries of the Shanghai Cooperation Organisation (SCO) to Haryana. Other Shanghai Cooperation Organisation (SCO) member countries also expressed their views at the meeting.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.