Being the fourth on the list of per capita profits among the Indian Union states, Himachal Pradesh is definitely becoming the prominent centre for businesses. It has been a state that underwent rapid progress that has led to a huge number of startups and entrepreneurs setting up there.
The state owns multiple industries including pharma, IT, and engineering. A state whose drawback was its geographical layout is flourishing as a trade centre due to the same reasons only.
Because of Himachal’s pleasant weather, and scenic beauty, it attracts a great number of tourists all around the year. Due to the presence of great manpower and favourable conditions, it is known to be home to several industries.
It is a great destination for setting up electronic complexes. Having five rivers flowing through the state, it has the potential of contributing 26% to India’s hydroelectric ability.
The Striking Features Of The New Business Destination:
We have compiled a list of all the features that make Himachal an ultimate business hotspot. Have a look here:
1. Climatic Conditions
Located at a higher altitude, the place serves the most satisfactory climatic conditions. Being the greatest generator of seasonal crops, the place has inspired many people to establish their businesses in the agriculture industry.
Most people on the hills are engaged in the business of growing crops which makes it a supplier of cheap labour.
2. Growing Tourism
People coming from all over the country to experience the serenity of the place has made its hospitality industry a booming sector. The industry accounts for about 7 % of the state’s total GDP.
The setting up of food chains, hotels, homestays, etc has made it a perfect tourism centre.
3. Policy Provocativeness
Another big reason Himachal is a major hotspot for emerging businesses is the approach of the government towards them. The state has a relaxed set of policies which has helped in attracting more funding.
It is natural for a state to have major key players carry out their businesses there because the government provides relaxation from the rules.
4. Availability Of Natural Resources
With abundant natural resources to offer, Himachal is a place that is a safety net for all new industries. Some industries are known to thrive in a location that has a constant supply of a particular component in huge quantities.
For instance, the cement industry requires a huge supply of limestone, and setting it up in a location that is rich in the said component would fasten its productivity.
5. Availability Of Workforce
For an industry to thrive, having a workforce that is competent enough is vital. They are the ones that serve as the backbone of the industry.
For any industry, its workers are the ones who carry out the major operations. With the availability of labour in abundance, it is a prime location for business owners to set up their ventures.
The road connectivity despite being in a mountainous area, is impressive. The network availability, the variety of resources it has to offer, and the infra for the industries are well laid out. These reasons are responsible for the recent shift of industries in the newly developing area.
What All Industries Can Be Set Up There?
Now that we have discussed the reasons for the growing popularity of the state amongst business owners, we must discuss the industries that are best suitable for setting up there.
Check out the industries here:
1. Agro Based Industries
Blessed with the most fertile land and climatic conditions, makes it an ideal center for agriculture. Known for its seasonal vegetation, the place holds plenty of potential for agro-based industries. These agro-based industries can be set up:
- Processed food
- Herbal and Ayurvedic units
- Organic agriculture
With people getting more conscious about their health and lifestyle, the demand for organic products has been rising consistently. Thereby, making it a highly profitable sector.
2. IT And IT-Enabled Services
With the astonishing progress made in the IT sector in recent years, the place has become a hub for IT companies to flourish. Having s conducive environment with a skilled workforce, and lower costs of operation as compared to the metro cities, there are great opportunities for start-ups to flourish there.
3. Handloom Industry
The place rich in culture and tradition, has an exquisite collection of handloom and handicrafts. The shawls, carpets, woodwork, and jewellery has led to the growing domestic and international demand for authentic and unique handicrafts. Establishing a business in this sector can reap many benefits.
4. Hydropower Plants
The Hydropower Capital of India is a place that boasts a numb of rivers and streams flowing through it. With a vast hydroelectric potential, and government policies and initiatives, makes it a beneficial venture. The sector accounts for the major revenue generation source in the state.
5. Tourism And Hospitality Industry
Renowned for its exquisite landscapes and mountains. The serenity of the valleys makes it a popular tourist destination. The place attracting a significant number of tourists from the country and all over the world has led to an increase in the industry.
Opportunities such as hotels, resorts, homestays, adventure tourism, eco-tourism, and transportation services can yield returns due to the state’s booming tourism industry.
It is quite evident now that the awe-inspiring landscape offers a business-friendly environment. It is one of the most desired destinations for setting up a business. The state offering ample opportunities in diverse sectors has led the industries to unlock their true potential.
Therefore, by capitalising on business opportunities, entrepreneurs can not only achieve financial growth but also contribute to the development of the state. So, don’t wait and explore the opportunities the place has to offer.