Himachal Pradesh- The Next Medical Devices Hub of India
Himachal Pradesh is one of the most popular and easily accessible hill states of India. People from all parts of the country as well as from different parts of the world visit this beautiful state to enjoy its natural beauty.
From times immemorial, Himachal Pradesh has always been one of the greatest contributors towards building tourism resulting in better economic development and success for the nation.
Himachal Pradesh is a land of opportunities and has scaled new heights of development. The State has a legacy of being an investor-friendly region with an enterprising and approachable Government and is now emerging as a preferred investment destination in Northern India, on account of its enabling policy framework, complementing industrial infrastructure, and high Ease of Doing Business ranking.
The State is appropriately positioned for welcoming investment on account of surplus and affordable power, efficient law & order, congenial industrial relations, availability of skilled manpower, accessible government, and proactive governance.
On account of the above advantages and facilities, Himachal Pradesh has been sanctioned a Medical Devices Park, the first in north India, the foundation stone of which was laid by the Hon’ble Prime Minister Narendra Modi. Spread over 265 acres in Nalagarh, Solan, the Medical Devices Park is connected to global supply chains through road and rail networks as well as airports and is in close proximity to prestigious institutes of “National Importance” such as IIT-Mandi, NIT-Hamirpur, IIM-Sirmour, IIIT-Una & NIPER – Mohali. Availability of supporting infrastructure such as ICD, CETP, CIPET, MSME Technology Centre, Skill Development Centre, Gas Pipeline, etc also offers an advantage.
The Government of Himachal Pradesh is offering a bouquet of liberal incentives for investors for setting up enterprises in the Medical Devices Park. Some of the key incentives and concessions are as follows:
Land-Related Incentives/Concessions: The Government of Himachal Pradesh is providing land at INR 1 per sqm per annum in the Medical Devices Park on a lease period of 33 years with an exemption of stamp duty and registration Fee.
Power Related Incentives/Concessions: Himachal Pradesh supplies 24X7 reliable and quality power across the State. The Government of Himachal Pradesh is offering power at INR 3 per unit with an exemption of electricity duty.
Fiscal Support/Incentives: The Himachal Pradesh Government is offering an interest subvention of 7 per cent subject to a maximum of INR 52 lakh per annum with 12 years as the period of subvention from the date of operation of the Park. The Government is also providing assistance for the transport of plant and machinery to the tune of 50 per cent of the cost incurred on inland carriage and inland transit insurance of plant and machinery, subject to a maximum of INR 3 Lakh.
Common Infrastructure Facilities: The Medical Devices Park in Himachal Pradesh is set to emerge as a “one-stop facility” with an integrated ecosystem to facilitate manufacturing, stimulate innovation and R&D, and develop new technologies. The Park is proposed to have Common Infrastructure Facilities such as 3D Design, Rapid Prototyping, Tooling Lab, Component, ESDM, EMC and EMI component testing and design facility lab, and Gama irradiation lab, resources which are seminal across the value chain of medical devices.
MoUs of more than INR 800 Crores have already been signed for setting up industries in this Medical Device Park. The Medical Devices Park in Himachal Pradesh is expecting an investment of over INR 5,000 Crore with a turnover of INR 20,000 Crore and gainful employment for about 10,000 personnel.
With excellent connectivity, competitive incentives, and proactive governance measures, Himachal Pradesh is set to emerge and establish itself as the #1 destination for Medical Device manufacturing in India and subsequently for the world.