Uttarakhand Attracted INR 1 Lakh Cr in MoUs with a Focus on Ayush & Pharma Sectors: CM
Uttarakhand is a top pharmaceutical hub for growth in Ayush, wellness, and pharma sectors. Investor-friendly policies and a streamlined system attract significant investments.
Applauding the state's investment ecosystem, Chief Minister of Uttarakhand, Pushkar Singh Dhami, said the state has attracted INR 1 Lakh Cr (approx. USD 13.4 billion) in Memorandums of Understanding (MoUs).
The Minister was speaking at the Uttarakhand Global Investors Summit (UKGIS)-2023, centred on Ayush, wellness, and pharma sectors.
Uttarakhand's commitment to Prime Minister Narendra Modi's vision for a self-reliant India is showcased through the "Sashakt Uttarakhand@25" project. The state government has set a target of becoming a USD 5 trillion economy by 2025.
The Confederation of Indian Industry (CII) is partnering with the government for this summit, which aims to bring together global investors, government officials, and local business communities to explore investment opportunities in Uttarakhand.
The state is already recognised as one of India's top pharmaceutical manufacturing hubs, and it is poised to become a preferred destination for key sectors such as Ayush, wellness, and pharma. Uttarakhand's industry-friendly policies and streamlined single-window system have played a pivotal role in attracting investments.
The Ayurvedic Drug Manufacturers' Association (ADMA), a pan-India organisation serving Ayurvedic Medicine Manufacturers for over 25 years, also signed an MoU with the Uttarakhand Government. This partnership aims to facilitate investments from across India in the Ayush and wellness sectors.
The MoU fosters investment and promotes the sourcing of medicinal plants from farmers and herbal extracts from industries in Uttarakhand. This comprehensive approach is expected to increase farmer incomes, boost intra-state exports, create a robust supply chain, raise revenues, and enhance employment opportunities.
Uttarakhand's Chief Minister emphasised that the INR 1 Lakh Cr worth of MoUs represents a thriving investment ecosystem within the state. In a span of four months, the government has formulated 27 policies, actively involving industry stakeholders through consultations. Investors who commit more than INR 5 Cr will receive government support and incentives, further incentivising investment.
Additionally, the upcoming international airport at Pantnagar is expected to bolster trade and investments, providing efficient connectivity and accessibility.
In recent developments, a delegation of government leaders led by Chief Minister Pushkar Singh Dhami and senior bureaucrats from the government visited Mumbai to apprise the industry community about the investment climate in Uttarakhand.
Uttarakhand boasts several advantages that make it an attractive investment destination. These include double-digit employment growth over the past two decades, excellent connectivity to the Delhi-National Capital Region (NCR), abundant natural resources, a youthful working-age population, a strong track record in ease of doing business (EoDB), six highly productive industrial parks, and recognition as one of the top two pharmaceutical manufacturing states in India, among other attributes.
