The grant of Special Package of Incentives by the Central Government since March, 2003 and extended upto 2010 has acted as a catalyst in boosting industrial development in the State. With the concerted efforts of the State Government and liberal incentives provided to the entrepreneurs massive investments to the tune of Rs. 26535.84 crore have been attracted which envisages employment to 3,32,037 persons within the last four and half years.
According to State government press release, during this period, investment worth Rs 2530.36 crore was made in 3208 industrial units which has provided employment to 80.04 percent Himachalis which shows large number of employment was given to the Himachalis against the mandatory requirement under New Industrial Policy-2004 of 70 percent.
State is emerging as a favourite destination for investors and large number of multi national companies have already set up their units in the State.
During this period, 9316 units were approved and 3208 units have already started production.
Within the next two years when all the 9316 approved industrial units come into production over three lakh persons would get employment in these units besides indirect employment to the lakhs of people in the transport, hospitality and service sectors etc.
The share of the industries in the State Gross Domestic Product has increased from 1.1 percent in 1950-51 to 17.1 percent during 2005-06. State has 33,284 small scale and 349 medium and large scale units in the State with an investment of about Rs. 4822.54 crore and generating employment to about 1,95,152 persons.
