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The Uttarakhand Cabinet, on 12 September, 2023 approved the states first service sector policy. The policy aims to boost investment in the state by offering a 25 percent capital subsidy to investors in various service sectors. The Uttarakhand Service Sector Policy will extend to sectors encompassing healthcare, wellness, traditional medicine, education, film and media, sports, information technology enabled services (ITES), data centres and skill development. However, certain parameters and norms apply, including prescribed expenditure limits set for both hilly and plain regions, ranging from Rs 25 crore to Rs 200 crore. With the policy, Uttarakhand government expects to attract investments worth Rs 60,000 crore in the service sectors by 2030, with an interim target of Rs 45,000 crore by 2027. Furthermore, it will support employment generation for 20 lakh people in the service sector, while facilitating skill development for 10 lakh workers. The government aims to grow the service economy (except tourism) to USD 27 billion by 2030. Besides this, the Cabinet also approved the Skiing Destination Plan to further develop tourism in the state, and also established the Auli Development Authority for execution. It also gave nod to the draft policy on pumped storage projects for exploring the identified potential of the sector in the state to meet the power requirements and promote economic development. |
