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Industrial Development & Economic Growth in Sikkim

Last updated on Jun, 26 2020

Economic Snapshot
Per capita Income

 


Sikkim is one of the fastest growing states in India. The state has favourable agro-climatic conditions, which support agriculture, horticulture, and forestry. Sikkim got certified as first fully organic state in India by the Central Ministry of Agriculture and Farmers’ Welfare as well as other recognized agencies of the country. It is home to around 5,000 species of flowering plants, 515 rare orchids, 60 primula species and 36 rhododendron species. This makes it one of the leading states in the northeast in terms of production and supply of cut flowers to mainland consumer markets. The state is also considered as a huge cardamom epicentre of the world, producing around 80 per cent of large cardamom in the country.  According to Global Childhood Report 2019, Sikkim was the best state under Protective Contexts.

Gross State Domestic Product (GSDP) of Sikkim expanded at a Compound Annual Growth Rate (CAGR) of 11.72 per cent between 2015-16 and 2018-19.

As of March 2020, Sikkim had a total installed power generation capacity of 674.43 megawatt (MW), of which, 166.25 MW was under central utilities, 96.07 MW was under private utilities, and 412.11 MW was under state utilities. Of the overall installed power generation capacity in the state, thermal power contributed 102.25 MW, while hydropower and renewable power contributed 520 MW and 52.18 MW, respectively.

According to Department for Promotion of Industry and Internal Trade (DPIIT), Foreign Direct Investment (FDI) inflow in Sikkim (Including West Bengal and Andaman & Nicobar Islands) totalled US$ 5.85 billion between April 2000 and September 2019.

Merchandise export from Sikkim increased from US$ 3.91 million in 2014-15 to US$ 7.91 million in 2018-19. During April-December 2019, export stood at US$ 7.42 million from the state.

Some of the major initiatives taken by the Government to promote Sikkim as an investment destination are:

  • Pharmaceutical is an emerging industry in Sikkim due to tax incentives offered by the State Government as well as low manufacturing and labour costs. Sikkim is home to more than 14 major pharma companies, which have significant investment in the state. These include Cipla, Sun Pharma, ZydusCadila, Alembic, IPCA, Alkem Lab, Intas Pharma and Torrent Pharma.
  • On January 30, 2019, Union Minister for Tourism inaugurated the first project under Swadesh Darshan Project at the Zero Point, Gangtok, Sikkim. The project was developed at a cost of Rs. 98.05 crore (US$ 14.02 million).
  • Under first PPP (public private partnership) initiative between the Government and the tourism sector, Temi Tea Estate inaugurated as Eco Adventure Resort in September 2019.
  • The State Government launched Sikkim AGRISNET, an internet-based agriculture information centre, to promote scientific agricultural methods and convert research into practice in the agricultural sector.
Sikkim State Presentation

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Sikkim Map

Sikkim