Why in news:

• In order to give boost to the pace of economic development in the state, the government of Himachal Pradesh is actively working towards expediting stalled investment projects and attracting new investments.

Key Points:

• Taking active steps in the direction, the State government intends to establish a dedicated Investment Promotion and Facilitation Bureau to ease out modalities for potential investors in the State.
• In this regard, the state government held deliberations with stakeholders of industries and tourism sectors and stressed that bringing substantial investments into the State is crucial for generating employment opportunities for the youth, besides increasing revenue to the State exchequer.
• Going further, the state government plans to establish a dedicated Investment Promotion and Facilitation Bureau to support and facilitate investment on the ground. Actual investments are more important rather than getting caught up in paperwork.
• The bureau will streamline the process by providing a single platform for potential investors to obtain all necessary clearances within a specified time frame. The state government officials have further added that Himachal Pradesh is known for its abundant electricity and water supply which provides a conducive environment for investment.
• The government’s focus was on strengthening existing industrial areas. In this regard, the state government has underlined that it is committed to supporting the early implementation of projects and fostering economic development in the State. Incentives are being offered to investors in the proposed ‘Bulk Drug Park’ and ‘Medical Device Park’ in the state. Additionally, the State government is actively developing infrastructure for these mega projects.