Uttarakhand economy mainly relies on tourism industry. Uttarakhand, being situated on the foothills of Himalayas, comprises of numerous hill stations which attract tourists from all across the globe thereby bringing money to the state. Apart from the hill stations, the wildlife have also been a major attraction for tourism as tourists come to visit the wildlife sanctuaries such as Corbett National Park and the famous Tiger Reserve. The total number of tourists to visit Uttarakhand as per the census of 2006 were 19554717.
The next most important contributor to the economy of Uttarakhand is the agricultural sector. As per the census of 2002-03, around 5671704 hectares of land was cultivated. Cereals, pulses, oil seeds, sugar cane and onion are the major crops grown here. Since majority of the population of Uttarakhand is occupied in agricultural sector, agriculture has to be among the top contributors of revenue in Uttarakhand economy.
Another important component on which the economy of Uttarakhand depends is its mineral resources. The state consists of large resources of minerals such as limestone rock phosphate, dolomite, magnesite, copper graphite, soap stone, gypsum and many others. Many of these minerals are exported out of India thereby fetching the Uttarakhand economy more revenue.
Uttarakhand economy also relies upon its small scale industries though they don’t offer high revenues. The state has all total 28249 small scale units and 397 Gramodhyog Units. The beautiful state also has 191 heavy industries that are earning a profit of Rs.2694.66 crore.
Another component that is spreading its wing in Uttarakhand and is about to add lots of revenue to the Uttarakhand economy is the real estate. With more and more real estate agents eying on the picturesque locations of Uttarakhand, the day is not far away when real estate would be one of the major forces in determining the net flow of economy of Uttarakhand.
Mineral Resources
Mineral resources of Uttarakhand plays a significant role in the economy of Uttarakhand. Although, the mineral resources of Uttarakhand are not as varied as that of Bihar or Orissa; yet mineral resources at Uttarakhand largely contribute towards the economic well being of the state.
The Chamoli district of Uttarakhand is especially famous for housing a number of mineral resources in Uttarakhand. The northern division of the district consist entirely of medium to high grade metamorphic rocks, which also contains bands of volcanic rocks in some areas; the southern division contains sedimentary and low-grade metamorphic rocks, with bands of volcanic rocks in some regions.
Although much is not known about the geology of the first division of Chamoli, yet the mineral resources contain rocks such as quartzite, marble, and various types of schist and gneiss. The southern division contains rocks such as gneiss, limestone, phyllites, quartzite, sericite-biotite schist and slate.
Industries
Industries of Uttarakhand form the basis of the economic set up of Uttarakhand. The State Industrial Corporation of Uttarakhand has developed seven industrial estates; and thus it is helping the industries of Uttarakhand to develop further.
Industries in the perspective of today’s world plays a large role in the consolidating the socio-economic rubric of a state. Previously, agriculture used to the basis of the economic set up, but after the Industrial Revolution, agriculture has taken a back-seat.
In this respect, industries in Uttarakhand are the means of resurgence in the economy of Uttarakhand. In fact, it is the industries that is helping the government of Uttarakhand to compete with the other States.
Uttarakhand, nestled in the foothills of the Himalayas, houses a lot of mineral resources which largely contribute towards the industrial development of the State.
Real Estates
Real estates have become a happening sector in Uttarakhand, as well as in India, after the real estate boom in 2005. All the three segments of real estate, namely residential, commercial and retail, are working wonders in the economy of Uttarakhand.
Since the year 2005, India has seen a considerable hike in the demand for real estates in Uttarakhand. With the infiltration of the NRIs, the real estate business in India has taken a tremendous up swing; due to the increase in Indian real estate market, Uttarakhand real estate market is soaring upwards.
This boom in the real estates of Uttarakhand have led the builders like Unitech, and the others to buy huge lands in northern India, including Uttarakhand, to develop residential and commercial properties there.
In fact, with the help of these real estate agents, one can buy centrally air-conditioned apartments, or precisely speaking sophisticated apartments, enabled with all the hi-tech gadgets in every corner of the State.
Fishing
Fishing is an important part of the economy of Uttarakhand. Apart from agriculture, industries and tourism, fishing also plays an integral role in the economy of the State.
The geography of Uttarakhand presents topographic variations in many parts of the state, which hinders the prospects of agriculture in Uttarakhand. Agriculture in many parts of Uttarakhand seems to be a nightmare to the inhabitants.
In such an instance, fishing seems to be the most convenient option for the people residing in Uttarakhand. Moreover, many regions of Uttarakhand have ample number of lakes that largely contributes towards the fishing industries.
Among the important fishes found in Uttarakhand are:
- Mulley
- Monstrous Goonch
- Tengra
- Butchwa
- Indian Trout etc.
Foreign Investments
Opportunities for foreign investments have increased in Uttarakhand with the growth of its industries. With the growth of the industries, foreign investment in Uttarakhand has become an active domain. Foreign investment is defined as the investment made to acquire lasting interest in enterprises outside one’s own economy. In this context, it can be said that with growth of the economy of Uttarakhand, NRIs are taking a keen interest in the Uttarakhand’s foreign investment.
Talking about foreign investment of Uttarakhand, it can be said that foreign investment consists of a parent enterprise and a foreign affiliate that form a transactional corporation. Moreover, in order to qualify as Foreign Direct Investment, the investor must afford the parent enterprise control over its foreign affiliate: this rule of foreign investment is also applicable for the foreign investment in Uttarakhand.
Tourism
The Himalayan region of Uttarakhand is a popular tourism destination which possesses Alpine conditions represented by cold winters with
prolonged snowfall, considerable rainfall in the monsoon and pleasant summers. This climate is the most significant factor in providing the state with its only livelihood, that is tourism.
The scope of tourism is considerable in this state, whether it is nature, wildlife, adventure or pilgrimage. The most popular destinations in Uttarakhand are:
- Haridwar
- Rishikesh
- Dehradun
- Mussoorie
- Almora
- Kedarnath
- Badrinath
- Yamunotri
- Gangotri
- Nainital
- Ranikhet
- Pithoragarh
If you are adventurous and prefer to face a few thrills, you can opt for high- and low-altitude trekking, river rafting, para gliding, hang-gliding, mountaineering, skiing and similar other alternatives.
Agriculture
Conventional Himalayan agriculture is being destroyed by market stresses, introducing both economic and cultural modifications in Uttarakhand. Ancient self-sufficiency has been replaced by dependency on imports from the plains, with their pesticide or chemical fertilizer-enhanced products. Cultural domination from the plains also poses a threat to the usual foods as an increasing preference for mill-polished rice is triumphing over mountain crops. Activists in the hills have responded with a ‘Save the Seeds’ campaign and are generating awareness about the necessity for biodiversity in agriculture.
Agriculture takes place in the river valleys of Uttarakhand (a meagre 10-15% of the total land area). Over time, several slopes have been shaped into field terraces, a common trend in mountain agriculture everywhere. The Uttarakhand farmers have also developed advanced manure, crop rotation, and inter-cropping practices. Most land along the slopes remains unirrigated.
The judiciary of Uttarakhand is the continuation of the British Legal system established during the 19th century. Moreover, the Judiciary, the Executive and the Legislature are the three major constituents of the administration of Uttarakhand.
Initially, the judiciary of Uttarakhand, or broadly speaking the judiciary of India, was based on Kautilyas ‘Arthashastra’. But with the expansion of the British colony in India, the policies of Arthashastra got replaced by the ‘common law’ proposed by the British Empire.
