Industry share in GDP has grown to 17 per cent, claims HP CM

Shimla, Dec 7 (UNI) Himachal Pradesh Chief Minister Virbhadra Singh today claimed that the share of industries in the State Gross Domestic Product (GDP) has increased to 17.1 per cent from 1.1 per cent in 1950-51.

Addressing a function of the Himachal Energy Pvt Ltd at Jabli in Solan district, he said although the state was late in initiating industrialisation but the earlier years were not wasted but utilised for creating basic infrastructure for carrying out industrialisation at a faster pace.

Mr Singh said the state initiated the process only after it was fully prepared to meet the requirements of the industrialists.

The state has 33,474 industrial units today and included several multinational companies who had set up their base in the state during the last three years, attracting an investment of Rs 24,000 crore, he said.

The new industrial units that were being set up in the state would also provide employment to 2.86 lakh unemployed youth of the state, Mr Singh added.

The extension of the central industrial package to the state beyond March 31, 2007 was attracting more industrial units, he said, adding that better basic infrastructure was another reason for the industries to set up their units in the state.

The Chief Minister said besides Himachal had industrial and investment friendly environment that had been contributing significantly towards initiating the process of industrialisation.

Under the central package, 100 per cent excise duty exemption was provided for the new units being set up in the state for a period of ten years, he said.

He said the coming up of the new industries in the state has forced the state government to modify its existing industrial policy, providing for granting more incentives to the units setting up their units in the interior parts of the state.

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