Dehradun, the interim capital of Uttarakhand is popular for its culture, booming economy and prominent institutions that it homes. Resting in the foothills of Himalayas, the city has witnessed immense growth in the past 20 years.
Not just in the field of education but also prominent business houses investing in the city.In this blog, we are going to look at 6 factors that make Dehradun an ideal location for businesses to invest. With that, we are also going to look at the economy and how it has bloomed through the years.
“New India is a better investment option and Destination Uttarakhand is a shining chapter of this growth history. Inspite of mountainous challenges, Uttarakhand today is youthful, full of aspirations on its way to success.”
-- Honorable Prime Minister of India, Narendra Modi
The economy is flourishing in terms of trade and education. Before we look for some reasons to conduct business here, let us shed some light on the facts and figures that give Uttarakhand a competitive edge:
Let us now look at some other benefits that the state offers. These benefits make the state an ideal destination for investments.
Ease Of Doing Business in Uttrakhand
Here are some reasons that make us firm about investing in Dehradun:
This powerful initiative is helping businesses flourish. This initiative has implemented a web-based Single Window System. This enables the investors to avail the required state government approvals to establish and begin their business operations through a single platform.
It reduces the cumbersome activities as this does not include any physical touchpoints with the licensing/approving authority.
This initiative’s focus sectors include wellness and AYUSH, film shooting, pharmaceuticals and IT, amongst others.
2. High Literacy Rate
Dehradun, also called the school capital of India, homes some of the most prestigious institutes.
To be precise, some of the institutes here are:
Talking about the literacy rates, Census 2011 estimates the literacy rate at 78.8 percent. Furthermore, the HRD 2017 Survey in Uttarakhand pegs the literacy rate at 87.4 percent. This literacy rate is even higher than the national. Additionally, this ensures that you get the best manpower -- highly skilled workforce for your business in Dehradun.
You can recruit with the minimum effort and cost on training. Moreover, the average salary offered in Dehradun is one-third of that offered in Delhi or Gurugram. Additionally, the attrition rate here is low which makes it a good point for high-value relation with the employees.
Dehradun homes some renowned IT parks and special economic zones to facilitate ease of doing business. Apart from this, the real estate prices in Dehradun are low, as compared to the metropolitan cities which make for a smart investment option.
Here is a brief comparison of Dehradun’s real estate prices with that of metro cities that make it a great choice. 4 This helps to cut down the operational cost:
CITY AVERAGE PER SQFT
Dehradun ₹ 11,742.08 / sqft
Delhi ₹ 1,13,441.21 / sqft
Bangalore ₹ 74,268.92 / sqft
Pune ₹ 1,38,18.92 / sqft
Let us look at some prominent IT parks in Dehradun:
State Infrastructure & Industrial Development Corporation of Uttarakhand Limited (SIIDCUL)- The state-of-art, technology park is spread across 60 acres at the state capital -- Dehradun. Here some of the key features the IT park offers:
4. Fiscal Incentives
Uttarakhand offers lucrative policies and incentives that invite and encourage businesses to invest in the state.
After the recent Destination Uttarakhand: Investor’s Summit held in 2018, multiple opportunities are introduced for 16 sectors including IT and startups.
Let us have a look at some of them:
(a) SGST (State goods & service taxes) submitted by the startups will be reimbursed by Uttarakhand.)
(b) Need Based Assistance: A maximum of INR 5 lakhs for the raw materials/components and other related equipment for the enhancement of existing product or the development of a new one.c)
(c) Running expenses: INR 2 lakhs, per year, for 3 years, as a part of operating and management expenses.
5. Location and Connectivity
The state is close to the NCR area and holds excellent connectivity with its neighboring states. Moreover, Dehradun has an efficient transport system that contributes to seamless connectivity with major cities in the country. This also makes communication, coordination and employee monitoring effective. Furthermore, being in the mountainous region, the state is known for a very unique ecosystem.
On the northern side, it is adorned with the great Himalayan range, covered with snow and glacier. Further, two Indian subcontinent major rivers -- Ganga and the Yamuna also originate from the glaciers of Uttarakhand. This makes the state free of pollution and contributes to a healthier lifestyle.
6. Safest City
According to a recent survey “My City, My Pride”, an initiative by Dainik Jagran, the city scores 3.31 out of 5 stars under the Safety Parameter.
The survey stands tall on 5 strong pillars -- Education, healthcare, infrastructure, safety, and economy.
The survey further ensures that it measures the development of the economy, and gauges the liveability through active participation by the citizens.
What could be better than conducting your business amidst the spectacular city, that nestles in the foothills of Himalayas?
Wrapping It Up
So these were some reasons why Dehradun proves to be an ideal location for carrying out your business. From the ease of doing business to healthy state situations to fiscal incentives, it attracts investors from all over the country.