Uttarakhand will hold its first investor summit during September as the state aims to raise its investment profile, advertising the hilly region's cheap electricity, good law and order condition and an environment-friendly image.
Uttarakhand will hold its first investor summit during September as the state aims to raise its investment profile, advertising the hilly region’s cheap electricity, good law and order condition and an environment-friendly image. “We did have a good going with SIDCUL and our focus on industries. But now the tax holiday is over. So far we have got investment of around Rs 3,600 crore. But we want to work on enhancing the state’s image as a preferred investment destination. We wanted to do an investor summit in 2017, but as other states were are also organising, so we decided to hold it in 2018. We now plan to do it in September,” Uttarakhand CM Trivendra Singh Rawat told FE. State Industrial Development Corporation of Uttarakhand has developed seven industrial estates in Pantnagar, Haridwar, Kotdwar, Selaqui, Dehradun, Sitarganj and Kashipur with companies like Hero MotoCorp, Ashok Leyland, Tata Motors, Wipro, Parle, HP, HCL, Bajaj Auto, ITC, Nestle India, Hindustan Uni Lever and ABB establishing units there.
Emphasising on the state’s image an investment destination, Rawat said, “Uttarakhand is well placed to attract more investment as power is cheap. Besides, human resource is qualified and the law and order is very good. Out of the top 10 police stations in India, two are from here. We are second in law and order in the country. These aspects attract industrialists. Also, we are environment-friendly. We are also working on developing a state-of-the-art convention centre in Rishikesh.”
“Our main focus is on services sector. It will provide employment and will generate revenue for the state through taxes. We’re also focusing on tourism and hospitality. We’ve come out with the programme ’13 districts, 13 new destinations’. We’ll invite private players to develop these areas,” he said.
After its formation in 2000, the state embarked on developing industries by offering tax holidays and other incentives. It helped to attract investments as well as develop the services sector. The state has around 50,400 SMEs, 1,000 khadi/gramadyog units & 2,950 factories providing employment to more than 6.3 lakh people. However, after 2014, when the tax holidays and incentives got over, investments started drying up.