HP govt focuses on business-friendly environment and investment

17 May 2023 CW Team

To position Himachal Pradesh as an appealing destination for investment in the country, the state government has implemented several new policies. These policies include the provision of incentives such as discounted power rates, simplified credit facilities through the State Finance Corporation and nationalised banks for establishing new industries. Additionally, the government is offering land on lease at affordable rates, exempting new industries from sales or purchase tax, and granting concessions on transportation charges for raw materials. Various marginal benefits are also being provided.

The government plans to extend financial assistance for dental clinics, e-taxi purchases, solar power projects up to 1 MW, fisheries projects, and other enterprises under the Rajiv Gandhi Swarozgaar Yojana. A uniform subsidy of 50 per cent will be offered to eligible sections for e-taxi purchases.

Chief Minister Sukhu noted that 99 per cent of enterprises in the state fall under the Micro, Small, and Medium Enterprises (MSME) category. The Industries Department will conduct a comprehensive survey of these enterprises to identify their issues and address them appropriately. The establishment of Unity Mall is proposed to promote the One District One Product concept.

The state government is also considering eliminating the requirement of an Essentiality Certificate from industrialists to encourage more investments. This provision will be included in the upcoming New Industrial Policy.

Furthermore, the government is establishing the Bureau of Investment Promotion within the Industries Department, which will replace the current single-window system. This Bureau aims to streamline the process for potential investors by providing all necessary clearances through a single platform.

The state government will address the delays in obtaining permissions under Section-118 of the HP Tenancy and Land Reforms Act, 1972. Major industrial areas will witness improved infrastructure to facilitate industrialists, and power supply in these areas will be enhanced to ensure uninterrupted electricity for industries, as stated by the chief minister.

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Chief Minister Sukhvinder Singh Sukhu stressed that the highest priority of the Himachal Pradesh state government is to create a business-friendly environment. In a recent statement, he revealed the government's aim to attract an investment of approximately Rs 200 billion in various sectors including manufacturing, tourism, energy, construction, and housing. This investment has the potential to generate direct employment for around 40,000 individuals and indirect employment for approximately 50,000 people. To position Himachal Pradesh as an appealing destination for investment in the country, the state government has implemented several new policies. These policies include the provision of incentives such as discounted power rates, simplified credit facilities through the State Finance Corporation and nationalised banks for establishing new industries. Additionally, the government is offering land on lease at affordable rates, exempting new industries from sales or purchase tax, and granting concessions on transportation charges for raw materials. Various marginal benefits are also being provided. The government plans to extend financial assistance for dental clinics, e-taxi purchases, solar power projects up to 1 MW, fisheries projects, and other enterprises under the Rajiv Gandhi Swarozgaar Yojana. A uniform subsidy of 50 per cent will be offered to eligible sections for e-taxi purchases. Chief Minister Sukhu noted that 99 per cent of enterprises in the state fall under the Micro, Small, and Medium Enterprises (MSME) category. The Industries Department will conduct a comprehensive survey of these enterprises to identify their issues and address them appropriately. The establishment of Unity Mall is proposed to promote the One District One Product concept. The state government is also considering eliminating the requirement of an Essentiality Certificate from industrialists to encourage more investments. This provision will be included in the upcoming New Industrial Policy. Furthermore, the government is establishing the Bureau of Investment Promotion within the Industries Department, which will replace the current single-window system. This Bureau aims to streamline the process for potential investors by providing all necessary clearances through a single platform. The state government will address the delays in obtaining permissions under Section-118 of the HP Tenancy and Land Reforms Act, 1972. Major industrial areas will witness improved infrastructure to facilitate industrialists, and power supply in these areas will be enhanced to ensure uninterrupted electricity for industries, as stated by the chief minister. Also Read India and EFTA take steps towards new trade agreementIndia's new Foreign Trade Policy aims for $2 trillion in exports by 2030

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