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 gross state domestic product (GSDP) has increased at a compound annual growth rate (CAGR) of 15.32 per cent during 2004-05 to 2014-15. At current prices, the GSDP of Uttarakhand was about US$ 23.01 billion in 2014-15.
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. The state 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:
- 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.
- 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 biowealth 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.
– See more at: http://www.ibef.org/industry/uttarakhand-presentation