Himachal turns to south for investment

In a bid to attract investors from southern India, the Himachal Pradesh government has teamed up with the Confederation of Indian Industry (CII) to hold a series of roadshows in three top cities, starting tomorrow.

"Meetings are scheduled to be held in Hyderabad, Chennai, and Bangalore. Chief Minister Virbhadra Singh, along with an eighteen-member high-powered team, will take part in the meetings with investors," a CII spokesman told Business Standard here today.

"The CII has partnered with the state government for drawing up an action plan with a vision to develop Himachal Pradesh as a global industrial and tourist destination in an eco-friendly manner with enhanced and intensive participation from both the private as well as public sectors," he said.

"In addition, a major focus area has been to develop food processing, bio-technology, tourism, information technology, floriculture, sericulture, power, pharmaceuticals and entertainment as growth drivers of the state," said the spokesman.

"The first road show will take place tomorrow in Hyderabad, followed by one in Chennai on Tuesday, and Bangalore on Wednesday," he said.

Officials say ever since a tax holiday package was announced in early 2003, Himachal Pradesh has been able to attract investment proposals of Rs 10,570 crore and work on several of these projects has started. Some of the top corporate brands are involved, especially in the pharmaceutical sector. In addition to the attractive central government package, there is also cheap and uninterrupted power supply in the power-surplus state, say officials.

The new industrial policy, announced recently, lays focus on the revival of sick units, reforms, planning and development of new industrial areas, land allotment policy, simplification of rules and regulations, and policy for the development of the entertainment industry by developing multiplexes.

"The CII and the state government are working together to build 'Brand Himachal', which aims to highlight the hill state as a destination in the minds of people all over the country and abroad," the CII spokesman said.

Similar shows to woo investors have been held by the chief minister in Mumbai, Kolkata and Ahmedabad in April this year.