The Industrial Policy of the State provided several incentives to attract industries in the form of tax concessions, industrial plots and other basic infrastructure. As a result there has been tremendous progress in industrial development in the State. The number of industries registered under Factories Sector Act increased by over seven times from 698 in 2001-02 to 2843 in 2011-12. Employment in these factories jumped over 8.4 times from 40880 to 342385 during this period.
Uttarakhand is one of the fastest growing states in India, thanks to the massive growth in capital investments arising from conducive industrial policy and generous tax benefits. The state is situated in the foothills of Himalayas. The presence of several hill stations, wildlife parks, pilgrimage places and trekking routes make Uttarakhand an attractive tourist destination.
Between 2004-05 and 2015-16, Gross State Domestic Product (GSDP) expanded at a Compound Annual Growth Rate (CAGR) of 16.03 per cent to US$ 28.37 billion whereas the Net State Domestic Product (NSDP) expanded at a CAGR of 15.34 per cent to US$ 23.89 billion.
Uttarakhand has been successful in attracting long-term investments because of its key industrial and sector-specific policies. The state offers a wide range of benefits in terms of interest incentives, financial assistance, subsidies and concessions. Directorate of Industries is the state level office responsible for implementing the policies and programmes for industrial development in the state.
Uttarakhand is being developed as an ‗energy state‘ to tap the hydropower electric potential of over 25,000 MW. During 2015-16,
hydropower generation capacity in the state was recorded to be 2,441.82 MW.
Some of the major vision of Uttarakhand Government for industrial development are:-
To create high quality world class infrastructure facilities in the State and enhance, in particular, connectivity to the National Capital Region (NCR) and other leading markets.
To provide single window facilitation in the State to expedite project clearences and provide an investor friendly climate.
To provide and facilitate expeditious land availability for setting Industrial ventures and Infrastructure projects.
To promote and encourage private sector participation in the development and management of infrastructure projects such as Industrial Estates/Areas, Growth Centers, IIDCs, Special Economic and Commodity Zones and Parks, Theme Parks, Tourism infrastructure, development of new touristdestinations, Airports/ Halipads/ Airstrips, Roads, generation, transmission and distribution of power, and projects in the area of Horticulture, Floriculture, Bio-technology etc.
To provide assured, good quality, uninterrupted and affordable power for industries.
To simplify and rationalize labour laws and procedures in tune with the current day requirements, while ensuring that the workers get their due share in the economic prosperity of the state.
To promote, in particular, Small scale, Cottage and Khadi and Village Industries and Handicrafts, Silk and Handloom sectors, assist them in modernization and technological up-gradation and provide the necessary common facilities and backward and forward linkages, including product design and marketing support so as to make them globally competitive and remunerative.
To address problems of sickness and incipient sickness in Industry, particularly SSIsand facilitate required restructuring and rehabilitation, etc. in coordination with the Banks and financial institutions.
To promote planned and scientific exploitation of mineral resources of the State and maximize value addition within the State.
To develop Uttarakhand as a premier education and research centre by leveraging the presence of world-class Research and Technical Institutes existing in Uttarakhand .
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