A Global Investors’ Meet 2019 for investment opportunities in Himachal Pradesh was organized by the State Government on November 7-8, 2019 in the picturesque town of Dharamsala. This was a flagship event titled ” Rising Himachal” organized under the leadership of Jairam Thakur ji that helped to showcase the policy and regulatory environment as well as the myriad investment opportunities in Himachal Pradesh. Approximately 209 foreign delegates across nations and local entrepreneurs attended the summit.  Saudi Arabia was a partner country for the event.

The meet focused on eight key areas for investment opportunities, namely: agri-business and post-harvest technology, manufacturing and pharmaceuticals, tourism and hospitality, civil aviation, hydro and renewable energy, wellness, healthcare and AYUSH, housing and urban development, IT-ITeS and electronics, education and skill development. The primary motivation behind organizing the event was to boost the economic growth and GDP of Himachal Pradesh and generate more employment opportunities for the residents of Himachal Pradesh.

Why should investors consider Himachal Pradesh as an investment avenue?

In my opinion, there are several reasons to consider investing in Himachal Pradesh and the credit goes to the current State Government.  The State is very peaceful with a good law and order situation. Thanks to the progress made in the hydro-power sector, Himachal Pradesh offers round the clock power at very competitive rates. In 2018, Himachal Pradesh added a feather to its cap when it won the ‘Good Governance’ award in Public Affairs Index among the small states. Himachal Pradesh has a Single Window System to sanction approvals and renewals to investors across sectors. The government has aided the ease of doing business in Himachal Pradesh by facilitating the purchase of land through an online portal and doing away with the need for obtaining separate NOCs. 

I must also note that the Jairam ji’s government implemented the HP MSME (Facilitation of Establishment and Operation) Ordinance, 2019. This has helped to prevent delays in the implementation of projects for MSME. The investors do not have to wait for approvals/ NoCs/ permissions etc., to come through in order to kick-start these projects. This has indeed provided an impetus to the economic growth of the state.  Furthermore, the state government notified the HP Tourism Policy 2019 earlier this year that provides capital investment subsidy to the investors to encourage investment in the tourism sector. Several other policies such as IT and ESDM Policy, Film Policy, and Electric Vehicle Policy have been implemented by the State Government to make Himachal Pradesh an attractive investment destination.

The State government has also set up an Investment Promotion and Facilitation Cell in order to promote Himachal Pradesh as an Ideal Industrial Investment Destination to attract more industrial investors. Investments in Himachal Pradesh can be made by anyone who is a citizen of India or a non-resident entity or NRI resident in Bhutan and Nepal or a SEBI registered Foreign Venture Capital Investor or a Qualified Foreign Investor.

At the Global Investor, PM Modi ji who inaugurated the prestigious event, further added that “Himachal has a huge potential for investment in the fields of tourism, pharma, and other sectors”. Modi ji was also impressed with the state’s growth in the last two years. Union Minister of Commerce and Industry, Shri Piyush Goyal ji, who attended the summit was also all praises for Himachal Pradesh. Goyal ji said that “Himachal Pradesh is among the states having the least poverty. It has been supplying fruits across the country for decades and now it is time the state got the ‘fruit’ of the development.” Goyal ji also congratulated Jairam ji and added that “Diversity makes Himachal Pradesh the best destination for investment and the state government has made it possible through its investor-friendly policies.”  Congratulations are in order for Jairam ji and his cabinet of ministers.

The outcome of the summit

While addressing the delegates at the summit, Goyal ji announced that a High-Level Task Force will be constituted where the Secretary of the Department for Promotion of Industry and will be the chairperson, and representatives of the Union Ministries of agriculture and food processing, railways and tourism will be the members. The objective of the Task Force will be to study all schemes of the Government of India and the State Government of Himachal Pradesh in order to ensure better implementation of these schemes. The recommendations will have to be submitted within three months. 

The good news has already started to roll in. The State Government has signed 14 memoranda of understandings with Dutch companies amounting to INR 200 crore (approximately). This is geared towards the investments in agriculture, horticulture, sports, water management, waste to energy and eco-tourism sectors.

My best wishes to the Jairam ji and his cabinet. May Himachal Pradesh become a go-to investment haven for the investors’ world over.