Uttarakhand

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Blessed with prisitine beauty, right resources and now the instigation to perform, the land of Gods has finally awakened. Will the state succeed in its endeavour? 4Ps B&M’s karan mehrishi explores...

Predating even the vedic periods, Uttarakhand or the Northern Country has been the abode of Gods themselves. For centuries the mystique north Indian region ensconced in the Himalayan range has been a focal point of Hinduism and unparalleled pristine beauty. Not many regions consist of natural sacrosanct marvels such as Hemkunt and Gangotri (the origin on the holy river Ganges). Holy shrines such as Kedarnath, Badrinath and national parks such as Corbett, Nandadevi and Rajaji make Uttarakand a place of dreams. Truly, Uttarakhand is a heavenly territory and attracts thousands of national and international tourists (close to 12-13 million on annual bases) and the number is increasing by the day. With better transportation facilities and access points coming into play, more people are willing to explore the diverse natural fantasies, which are abundant in the region. For the utmost utilisation of the resources and the provision of maximum satisfaction to the visiting tourists, the state has envisioned a total investment of $254 million in the direction. This includes the ‘Char Dham’ infrastructure development and eco-tourism infrastructure.

Uttarakhand has also provided a five year exemption from excise and entertainment tax for setting up of amusement parks and ropeways. As far as business is concerned, after breaking away from Uttar Pradesh in 1999, the state of Uttarakhand has become an investment magnet. Inviting big ticket inflows from both national as well as international firms, Uttarakhand is now slowly metamorphing into an economic powerhouse. Industries are specially attracted by the states’ investment friendly environment and favourable policy structures. “We have a number of companies showing interest in the state and that includes various pharmaceutical, automotive and IT companies. The reason being the very competitive package (like tax holidays) we offer to these companies,” Subhash Kumar, Principal Secretary, Uttarakhand shares with 4Ps B&M. Some of the big ticket investments in the state include Hindustan Unilever, Hero Honda, Tata Motors, Minda Industries and Sonalika Tractors among many others.

“The proximity to OEMs and the industry friendly policy of the government were the two most important criterion for selecting Pantnagar over other states,” reasons N. K. Minda of Minda Industries. In fact, the new Hero Honda plant in Haridwar has been christened as the ‘shrine of technology’ and will employ flexible production techniques enabling production of a variety of products. The plant is expected to contribute to Hero Honda’s export markets as well. Tata Motors is another large investor in the relatively nascent state and already manufactures small capacity commercial vehicles. “Uttarakhand is actually a very investment friendly state and they have provided us a very competitive package,” avers Debasis Ray of Tata Motors. Even arch rival, Ashok Leyland is betting big on the state. The truck major is all set to invest Rs.10-20 billion and intends to manufacture close to 40,000 units at its new plant in Pantnagar. “We want a strong presence in the north and support our operations in the east, through this plant. The tax incentives and the entire financial package is also one of the reasons to invest in Uttarakhand,” a spokesperson from Ashok Leyland tells 4Ps B&M.

As an investment destination, the state of Uttarakhand has attracted close to Rs.50 billion in the initial stages itself. With the 3,400 acre industrial estate in Pantnagar and 1,150 acre in Haridwar, Uttarakhand has already been successful in creating an environment conducive for investments. The state’s strategic location has been sagaciously appealing to a number of companies as well. A number of companies which are strong in regions other than northern India find a presence in Uttarakhand specifically important.

In order to streamline the initial establishment experience, there are several policy instruments in place. Single window facilitation and clearance, Deemed clearance and Udyog Mitra are just some of the institutional mechanisms set in place by the state government. As far as the much sought after power requirement is concerned, Uttarakhand government claims to have been blessed with adequate power. Hydro Power production is estimated to breach the 5,000 MW before this decade ends. The state plans to provide power to industries at competitive rates as and when an additional capacity is introduced. For the sake of access infrastructure, the state government has initiated a number of investments. According to Kumar, “The Jolly Grant Airport in Dehradun is now a fully functional domestic airport with two airlines already operating and two in the process. The Pantnagar Airport handles cargo and will be soon upgraded to offer passenger services.” Apart from conventional industries, the state is ready to provide infrastructure for businesses related to Information Technology, Floriculture, Biotechnology and Pharmaceuticals as well. The State Infrastructure and Industrial Development Corporation of Uttarakhand (SIDCUL) is already in a process to build a state-of-the-art IT Park in Dehradun. MoUs with companies like Cisco Systems, Intel and IBM have already been signed and more are expected to follow. Moreover, a world class pharma city in Selaqui has been specifically utilised for the purpose and much beyond.

Gods are surely generous on their state and it seems that a lot of positives have been doing the rounds lately. It now has to be seen how far this heavenly abode can reach

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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