Why Invest in Uttarakhand
Formed in November 2000, Uttarakhand is a relatively new state. It is rich in water and forest resources. The state enjoys a 68% forest cover and houses nearly 272 large and 49,000 micro, small and medium enterprises that provide direct employment to more than 350,000 people. In addition to this, the state boasts a Gross State Domestic Product of USD 33.40 billion with Per Capita GSDP at USD 2397.
To facilitate labour requirement, the ‘Uttarakhand Skill Development Mission’ initiative has been launched with an aim to provide manpower according to the requirements of the industry. Under this programme, unskilled labour is being trained to achieve the demand-supply equilibrium and fulfil the industry requirements. The Mission has achieved and even moved beyond its target to train 10,000 youth in the state for the year 2016-17, with current numbers at 12,000. With total registrations reaching 29,183, women outnumber men with 56% participation. The state has always been a hub for leading educational institutions at both the school and higher levels, providing world-class facilities to the students and now also boasts of premiere institutes like IIT Roorkee and IIM Kashipur. It is well connected with the NCR by road, railways and airways. The state is also politically stable, has good governance, and is considered peaceful.
Uttarakhand offers transparent tax policies and swift approvals for projects, with cost of setting up business miniscule as compared to the NCR or other major cities andstates. Also, there are many fiscal benefits offered on investments by the state and the central government. Uttarakhand proudly stands at the top among its Himalayan counterparts on the ‘Ease of Doing Business’ index with the implementation score of 98.10%.
The state offers various incentives to investors under the MEGA Industrial and Investment Policy 2015, MEGA Textile Park Policy 2014, and the Uttarakhand MSME Policy 2015. We will be coming up with attractive incentives in upcoming sectors in the future as well.