Feature
   

29th May 2016

Himachal poised to emerge favourite destination for investors

 

Himachal Pradesh has ushered in a new era of industrialization by harnessing the benefits of incentives being provided by the State Government. These incentives are attracting many renowned industrial houses to choose 'Dev Bhoomi' Himachal Pradesh as their 'Karma Bhoomi' by setting up their industrial units in the State. These pro-active steps initiated by the State Government have also encouraged the existing industries to expand their units.

With the premature withdrawal of incentive package being provided to the State, there was fear that in the post incentive era, the pace of industrialization would slow down. However, with the progressive and industrial friendly policies, the State leadership has been able to provide desired boost to the confidence of the investors. The State level Single Window Clearance and Monitoring Authority has approved 247 projects during this period. Out of these, 91 are new proposal involving investment of Rs. 8852.55 crore and 152 are expansion proposal involving investment of Rs. 3720.28 crore. Thus these combined proposals would draw investment worth Rs. 12,571.83 crore and provide employment opportunity to 24,760 people. To fast track the process of according time-bound approval to industrial proposals, the Government has introduced a common application for seeking approval of setting up industries in the State The Authority through this common application form is now according approvals within a period of 45 days from the date of receipt of application form. 

'Himachal Bureau of Investment' was being established in the State for speedy clearances to new investments so that more business houses invest in the State. Horticulture, Industries and Agriculture were the sectors on which the economy of the state depends and these were the key indicators of the economy of any state besides for providing direct and indirect employment.  

The entrepreneurs in the State are being provided 'Chief Minister Start-up/New Industries Scheme which has not only attracted new investments to the State, but also motivated the entrepreneurs to expand their existing units.  

All the new enterprises in the State would now be required to submit only self-certified documents online or manually. All the departments would issue provisional registration within 15 days from submission of the documents.   Land would be provided at concessional rate in the Industrial Areas to the small industries or other industries providing employment to 100 Himachalis.  In a major move, the State Government has decided to establish Incubation Centers in premier Institutions in the State to support the Start Up.  These Start Ups in the manufacturing sector would also be entitled for purchase preference by Government of Himachal Pradesh/Public Sector Undertakings. Apart from it, these units would be exempted from the "Prior experience/ turnover requirement' provided they meet requisite quality standards.  

Usually it has been observed that the New Start Ups in Micro Sector with investment upto Rs. 25 lakh provide maximum employment opportunities to the youth. Thus the State Government has decided that all such industries which employ at least 5 persons and take loan from banks would be provided interest subvention at the rate of 4 percent up to a loan of Rs. 10 lakh for three years.  The State Government has also decided that Stamp duty for registration of land for new industries would be charged at the rate of three percent only. 

In order the facilitate environment friendly industries in the State, Green and Orange category Industries would be established in designated Industrial Areas and not requiring environment clearances would be granted consent to establish on self-certification without any prior inspection.  In addition, the State Government has also decided that fees for consent to establish and also consent to renewal in case of Green Industry and Orange Industry would be reduced by 25 percent and 10 percent respectively.  

Three State of the Art industrial areas being developed at Pandoga in Una district, Kandrodi in Kangra and Dhabota in Solan district, would provide state of the art infrastructure facilities to the entrepreneurs, are bound to make Himachal Pradesh the best destination for investment in the country.

 

 

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