Uttarakhand is witnessing a significant surge in investments, particularly in the pharmaceutical and automobile sectors. The Global Investors Conference is expected to bring in investments ranging from Rs 1500 to 2000 crore in the pharma sector, leading to both expansion of existing industries and the establishment of new ones. This influx of investments is poised to not only bolster the state’s economy but also create substantial employment opportunities.
Pharma Sector Gains Momentum
With numerous companies expressing interest in investing, Uttarakhand currently holds a 20 percent share in the total pharmaceutical production of the country. The state boasts 249 drug manufacturing units situated in key industrial areas such as Selaqui, Haridwar, Pantnagar, and Rudrapur. The Global Investors Summit is set to further elevate Uttarakhand’s standing as a prominent player in the pharmaceutical landscape.
Automobile Industry Flourishes
In addition to the pharmaceutical sector, Uttarakhand has attracted major investments from renowned automobile companies like Mahindra & Mahindra, Tata Motors, Bajaj, Hero Motors, and Ashoka Leyland. The establishment of manufacturing units in Pantnagar and Rudrapur, located in Udham Singh Nagar district, has positioned the state as a significant contributor to the automobile industry, constituting seven percent of the state’s GDP.
Positive Impact on Employment
The growth and expansion of the pharmaceutical and automobile sectors are not only driving economic prosperity but also generating substantial employment opportunities. The state government, recognizing the potential of these industries, has actively promoted them through the Global Investors Summit. The investor conference is anticipated to further solidify Uttarakhand’s position as the hub of the pharmaceutical and automobile sectors.
Export and Economic Contributions
Both sectors play a pivotal role in the state’s export activities, contributing significantly to the overall economy. In 2022 alone, the pharmaceutical sector witnessed business transactions amounting to approximately Rs 15 thousand crore, with medicines worth Rs 1150 crore being exported. The positive economic impact extends to the thousands of individuals who are directly or indirectly associated with these thriving industries.
Government Initiatives and Regulatory Facilitation
The state government’s proactive efforts include the establishment of a sub-zone office of the Central Drug Standards Organization, streamlining the application processes for manufacturing firms in the pharmaceutical sector. The introduction of an online licensing system has eliminated complexity, and permissions are now granted following joint inspections by both the Central and State Governments, ensuring high-quality standards.
As Uttarakhand continues to attract investments and foster a favorable environment for industries, it positions itself as a beacon for the growth of the pharmaceutical and automobile sectors. The Global Investors Summit is a testament to the state’s commitment to economic development and employment generation.