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Uttarakhand Attractive Destination For Investment
The state of Uttarakhand was formed on November 9
, 2000, by carving out 14 hilly districts of northern Uttar Pradesh. It is situated in the foothills of the Himalayan mountain ranges and shares its boundaries with Nepal in the east and China (Tibet) in the north. Uttarakhand is blessed with diverse geographical features, including snowcapped mountain peaks in the north and tropical forests in the south.Uttarakhand also has diverse climatic conditions and all prominent climatic zones that make it conformable to various commercial opportunities in agriculture, floriculture, and horticulture.
Some prominent industries of Uttarakhand are:
1. Tourism Industry:
Uttarakhand, also known as the Land of Gods, has attracted tourists and pilgrims from across the globe. It also boasts of scenic hills, various holy shrines, and large forest cover that contribute towards boosting its tourism sector. The Uttarakhand government has an ambition of placing it on the global map as the topmost destination for environmentally sustainable and socially responsible tourism. The tourism policy of the government aims at developing tourism as a prominent source of employment and revenue/income generation. The tourism industry is considered to be pivotal for social and economic development in the state.
2. Biotechnology:
Biotechnology is one of the most emerging thrust areas at the global level and is expected to make substantial contributions in environment management, agriculture, process industries, and human and animal health care. Uttarakhand hosts diverse flora and fauna culture and contains rare species of both animals and plants. This gives Uttarakhand a natural advantage in the biotechnology sector. The Uttarakhand government is establishing a high-level biotechnology board to pursue initiatives in the research field. Furthermore, the government has also decided to develop a biotechnology park, which will integrate all the resources and furnish a focused institutional setup, thereby accelerating the commercial growth of bioinformatics and biotechnology in India.
These are some factors that have made Uttarakhand a favorable destination for investors:
1. It is the first state in India to have developed a Tourism Development Board through legislation.
2. Uttarakhand is encouraging development of industrial parks, industrial estates, and growth centers in the state.
3. There is an abundant base of highly skilled human resources at affordable rates.
4. In Uttarakhand, there are many fiscal benefits offered on investments. These benefits include Concessional Industrial Package that is furnished by the state and the central governments.
5. It has a considerable hydro-potential (15,000 MW). Of this, only 1,124 MW have been realized so far.
6. A dedicated IT park is expected to be established in Dehradun, the capital city of Uttarakhand.
7. Uttarakhand has successfully attracted key industrial players including Mahindra & Mahindra, Atlas Cycle Ltd., Asahi India Glass, Britannia Industries Ltd., and LG Electronics India Ltd.
The state also has a vast pool of natural resources that adds to its attractiveness as a hot destination for investors, especially for the forest and tourism-based industries. The Uttarakhand government has set up the State Infrastructure & Industrial Development Corporation of Uttaranchal Ltd. (SIDCUL) to conceive, concretize, and contrive Uttarakhand's industrial development. This corporation is a single window for the state's various programs and schemes related to industry.
Uttarakhand, being a power-rich state, provides vast investment opportunities in production, transmission, and distribution of power.
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