HP govt focuses on business-friendly environment and investment
ECONOMY & POLICY

HP govt focuses on business-friendly environment and investment

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 agreement
India's new Foreign Trade Policy aims for $2 trillion in exports by 2030


"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

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

Next Story
Infrastructure Transport

Noida Airport Fuels NCR Realty Growth

The start of commercial operations at Noida International Airport has recently emerged as a major trigger for real estate growth across Noida, Greater Noida and the Yamuna Expressway region. The airport is expected to improve regional connectivity and support the next phase of development in eastern NCR.The airport, inaugurated on 28 March, has begun passenger services, while cargo operations are also expected to strengthen its role as an economic and logistics hub. Its operationalisation is expected to reduce dependence on Delhi’s Indira Gandhi International Airport for residents and busine..

Next Story
Technology

thyssenkrupp and GlobalLogic Form AI Alliance

thyssenkrupp AG and GlobalLogic, a Hitachi Group company, have recently formed a strategic alliance to deploy autonomous robotics and Physical AI across heavy industry operations. The partnership aims to improve safety, reduce engineering bottlenecks and accelerate industrial transformation at scale.The alliance brings together thyssenkrupp’s industrial expertise with Hitachi’s innovation capabilities. It includes GlobalLogic, Method and Hitachi America R&D, creating a “Lab-to-Scale” pipeline that connects research, digital strategy, design and enterprise software engineering for i..

Next Story
Real Estate

Platinum Corp Launches Luxury Suites in Santacruz

Platinum Corp has recently launched Platinum Stellar: Bespoke Presidential Suites, a premium residential project in Santacruz West, Mumbai. The development is positioned as a boutique luxury offering for homebuyers seeking expansive layouts, privacy and personalised living experiences.Located on Main Avenue, the project has been designed as a low-density, high-end residential address with spacious homes starting from 2,500 sq ft and extending to full-floor residences. The project targets HNIs, business owners and legacy residents from the Bandra-Khar-Santacruz belt.Platinum Stellar has been de..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement