Uttarakhand government eyes Rs 2.5 lakh crore from global investor summit

With a target to attract Rs 2.5 lakh crore in investments, the Uttarakhand government is working towards creating an easy business environment along with an added focus on infrastructure in Uttarakhand.

Chief Minister Pushkar Singh Dhami, said that the state has all the things a flourishing industry needs. Dhami was speaking at the curtain raiser event for Uttarakhand Global Investor Summit, in New Delhi. The summit is scheduled to take place on December 8-9, 2023.

Speaking at the event, CM Dhami informed that the Uttarakhand government is implementing special policies for encouraging investments in the state and also looking at attractive financial incentives to promote investment in various sectors in the state.

These policies mainly include Tourism Policy-2023, MSME Policy-2023, Start-up Policy-2023, Logistics Policy-2023, and Policy-2023 for the establishment of Private Industrial Estates.

Pushkar Singh Dhami said in his address that the government is determined to develop Uttarakhand as the fastest-growing economy in the country along with its natural heritage.

To strengthen the economy of the state, the "Strong Uttarakhand Mission" has been launched, under which a target has been set to double the SGDP of the state in the next five years. The Uttarakhand Global Investors Summit 2023 is being organised by the state as a link to achieve this goal.

CM Dhami also said that Uttarakhand is fast emerging as a young state with immense opportunities for industries.

“The state's high snow peaks, peaceful landscape, rich cultural traditions have identity in the country and the world. Along with ‘ease of doing business', there is also 'peace of doing business' in the state,” Dhami said.

He also stressed the fact that there are almost no incidents of labour dissatisfaction in the state of Uttarakhand.

The Chief Minister said at present a land bank of about 6,000 acres is available in Uttarakhand for setting up industries in various sectors. There has been continuous improvement in rail, road and air connectivity in the state.

Direct air service is now available from Dehradun Airport to various cities. Dehradun and Pantnagar airports are also being expanded. As part of the development and upgradation of the railway network, construction work of the Rishikesh-Karnaprayag railway line is in progress.

To facilitate the Char-Dham Yatra in the state, the construction work of an all-weather road is also in progress.

Mahindra Holidays & Resorts (MHRIL), a leading leisure hospitality firm operating under the Club Mahindra brand, is set to invest Rs 1,000 crore to construct four to five prominent resorts in Uttarakhand over the next few years, marking its largest investment in any state.

This move is part of MHRIL's ambitious plan to expand its current offering of 5,000 keys to 10,000 keys by 2030. The investment will substantially increase the company's presence in Uttarakhand, where it already operates resorts in Jim Corbett, Mussoorie, Kanatal and Binsar.

Kavinder Singh, the Managing Director and CEO of MHRIL, expressed confidence in Uttarakhand's potential and gratitude to the state government for their support.

Currently, MHRIL manages 102 resorts in India and abroad, with its European subsidiary, Holiday Club Resorts Oy (HCR), operating 33 Timeshare Properties, including nine spa resorts across Finland, Sweden, and Spain.