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Himachal CM eyes Rs850 billion overseas investment

Dubai - The state has received commitments of around Rs700 billion from several global investors.

Himachal Pradesh expects to attract investment commitments of up to Rs850 billion from overseas investors at an international investment conference the north Indian state is hosting in November this year.
Chief Minister Jai Ram Thakur, who is in the UAE on a four-day visit, said already the state has received commitments of around Rs700 billion from several global investors thanks to the pro-investor policies and reforms undertaken by his government.
Thakur, who is heading a high-level delegation, including Industries Minister Bikram Singh, is seeking investments in prime sectors like horticulture, tourism, pharma, agriculture and infrastructure.
Addressing an investors' forum in Dubai hosted by Indian Business Leaders, Thakur said "Rising Himachal: Global Investors' Meet 2019" to be held from November 7 to 8 in Dharamshala is expected to be a game-changer that would redefine the investment landscape of the state that has not been tapping fully its potential to woo international investors.
Present at the event were Indian Consul General Vipul along with IBL officials, including President Paras Shahdadpuri, Sudesh Aggarwal, Ram Buxani, Shaji Ul Mulk and Bharat Bhatia.
Speaking to Khaleej Times, the chief minister, who has been holding a series of roadshows in Germany and the Netherlands, said Himachal Pradesh has also on offer attractive investment opportunities in other sectors including energy, food processing, logistics, education and skill development. He said the response from potential investors from the UAE has been overwhelming.
Today, the chief minister and his delegation will have interactive sessions at separate events to be hosted by Indian Business and Professional Council, Dubai; the Institute of Chartered Accountants of India - Dubai Chapter, and People of Indian Origin Chamber of Commerce and Industry.
Thakur said in order to ensure that Himachal Pradesh would transform into an attractive investment destination, his government initiate a spate of new investor friendly policies and incentives for a wide spectrum of sectors including manufacturing, tourism, warehouse and logistics, aroma, information technology and electrical vehicle. Incentives to investors include tax exemption till March 2027 as refund under the current Goods and Services Tax regime as well as low-cost electricity. Himachal Pradesh has the potential to contribute 26 per cent to India's hydropower potential and currently has an estimated hydropower potential of over 27,000 MW.
Land ownership rights that has been a long sought-after requirement by investors is now a reality with the government introducing a reform whereby investors would be able to buy property. The chief minister said his government is also committed to ensuring hassle-free online clearances to facilitate quick implementation of projects.
Thakur said the state's new industrial policy aims to establish world class infrastructure, promote manufacturing sector, enhance inclusivity, foster innovation and create employment opportunities across all sectors. Entrepreneurs and industrialists would be entitled to 30 per cent capital investment subsidy subject to maximum of Rs50 million on their plant and machinery under the industrial development scheme of Government of India.
On his arrival on Sunday in Abu Dhabi, Thakur met several prominent businessmen and visited the LuLu Hypermarket.
Yusuff Ali, chairman of Lulu Group, said it was very interesting and enlightening meeting with the Chief Minister of the very beautiful and unexplored Himachal Pradesh, a state with lots of opportunities.
On his return to India, Thakur is scheduled to address heads of missions of 80 countries on July 10 in New Delhi to seek their help in attracting investment from overseas. - issacjohn@khaleejtimes.com