Uttarakhand is the "Yoga Capital of the World" and is the leading producer of pear, peach, plum, and apricot.
Uttarakhand is located in the foothills of the Himalayan mountain range. The state shares borders with China (Tibet) in the north, Nepal in the east, and inter-state boundaries with Himachal Pradesh in the west and northwest and Uttar Pradesh in the south. It has almost all agro-geo climatic zones, which provide commercial opportunities for floriculture and horticulture. The state is home to more than 175 species of rare medicinal, aromatic & herbal plants. The state has proximity to the national capital, Delhi, a leading market of the country and excellent connectivity with neighboring states. Uttarakhand has abundant natural resources due to hills and forests. Its agro-climatic conditions support horticulture-based industries. The vast water resources available in the state are also favorable for hydropower.
Uttarakhand is one of the fastest growing states in India, thanks to the massive growth in capital investment arising from conducive industrial policy and generous tax benefits.
The state offers a wide range of benefits in terms of interest incentives, financial assistance, subsidies, and concessions. Uttarakhand has a robust social and industrial infrastructure, virtual connectivity with over 39,000 km of road network, two domestic airports, 345.23 km of rail routes.
As of May 2022 (Upto December), 30 Industrial Entrepreneurs Memorandums (IEMs) worth US$ 209.30 million) have been filed in Uttarakhand.
The presence of several hill stations, wildlife parks, pilgrimage places and trekking routes make Uttarakhand an attractive tourist destination. The tourism sector is accepted as a growth driver for inclusive social economic progress through its forward and backward linkages and the ability to create employment in the economy. The state is considering development of spiritual and religious theme-based circuits for tourism. Under the Swadesh Darshan scheme of the central government, Uttarakhand is a site for eco-tourism. Other themes may involve treks/hikes/tours to view famous Himalayan peaks or treks along the course of the Ganga river, places of culinary interest, or villages where communities maintain traditional lifestyles that tourists may find interesting. The state witnessed surge in tourist arrivals, with 7 crore tourists arriving in 2023, it is expected to grow by 20% to 8.4 crore in 2024.
At current prices, Uttarakhand’s GSDP is projected to be Rs. 3.94 trillion (US$ 47.34 billion) in FY24. Between 2018-19 and 2024-25, GSDP of the state is estimated to increase at a CAGR of 8.86%. According to the Department for Promotion of Industry and Internal Trade (DPIIT), between October 2019-March 2024, FDI inflow in Uttarakhand stood at US$ 187 million. In FY24, the total exports from the state stood at US$ 1.80 billion.
Uttarakhand is one of the fastest growing states in India, thanks to the massive growth in capital investment arising from conducive industrial policy and generous tax benefits. The MSME sector plays a crucial role in the economic and social development of the state as this sector is the nursery of entrepreneurship. The government has placed a special mandate in its Vision 2030 strategy to develop the MSME sector. In the State Budget 2024-25, crop husbandry has been allocated Rs. 644 crore (US$ 77.25 million) which includes schemes such as National Mission for Natural Farming and PMKSY. Additionally, Rs. 157 crore (US$ 18.83 million) is allocated for research assistance to agriculture institutions. As part of the State Budget 2023-24, over the next three years, 50,000 polyhouses (a type of greenhouse) will be set up to promote cluster-based horticulture. Six ‘aroma valleys’ will also be developed, such as the Cinnamon Valley in Nainital and Mint Valley in Haridwar.