The hill state will hold its maiden investment summit in October and expects to draw investment proposals worth over Rs 20,000 crore in sectors ranging from automobiles and tourism to hospitality.
Uttarakhand, long known for being a hotbed of tourism, wants to be counted among India’s most investment-friendly states. The hill state will hold its maiden investment summit in October and expects to draw investment proposals worth over Rs 20,000 crore in sectors ranging from automobiles and tourism to hospitality, chief minister Trivendra Singh Rawat said on Thursday.
The investor summit will be organised in Dehradun on October 7-8 and will be inaugurated by Prime Minister Narendra Modi.
“We have got some big investment proposals,” Rawat said after a road show in the national capital, the last in a series in India, The state organised similar events in Bengaluru, Hyderabad, Ahmedabad and Mumbai from August 22-29. A international road show will shortly be held in Singapore.
In order to attract investment in various sectors, Uttarakhand has taken a raft of policy initiatives, including the MSME Policy 2015 and the Mega Industrial & Investment Policy 2015, which offer refund of state GST, capital subsidy and interest subsidy, among others. An online single-window system facilitates speedy clearances. In terms of ease of doing business, it ranked first among the eleven hill states.
When Uttarakhand was created by splitting Uttar Pradesh in 2000, manufacturing contributed to 18% of its gross state domestic product (GSDP). At present, its share is 50% of the GSDP. It managed to receive investments of over Rs 50,000 crore since its inception, thanks to an area-based excise duty exemptions granted by the Centre (under the GST system, 58% of the cenrtal GST collected is refunded).
“The scope of investment is certainly huge here,” said Utpal Kumar Singh, state’s chief secretary.
“Electricity tariffs for the hospitality sector are lower than commercial tariffs. This is one of the non-financial incentives that our state offers,” said Dilip Jawalkar, state tourism secretary.
During the road show in Delhi, several investors expressed their intent to invest in the state. “We plan to invest Rs 100-200 crore in Uttarakhand,” said Dheeraj Mohan, president of auto component manufacturer JBM Auto.
During the summit, Uttarakhand will highlight 12 sectors – food processing, horticulture and floriculture, herbal and aromatic, tourism and hospitality, wellness and AYUSH, pharmaceuticals, automobiles, natural fibers, IT, renewable energy, biotechnology and film shooting. “More than 60 films have been shot in Uttarakhand in the last year alone,” said Jawalkar.
“We are enhancing the development of the state in terms of connectivity, manpower and industrial development. The Saharanpur expressway will be completed in one-two years, which will result in reaching Dehradun from Delhi in less than three hours, Deoband and Roorkee are being connected directly through rail line and the work has started on central government’s Rs 13,000-crore Bhartamala Yojana,” Rawat said.