The key industries include tourism and hydropower, and there is prospective development in IT, ITES, biotechnology, pharmaceuticals and automobile industries. The service sector of Uttarakhand mainly includes tourism, information technology, higher education, and banking.

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. Between 2015-16 and 2019-20, the Gross State Domestic Product (GSDP) expanded at a CAGR (CAGR) of 9.39% to reach Rs. 2.54 trillion (US$ 35.99 billion).

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. 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. Between 2015-16 and 2019-20, the Gross State Domestic Product (GSDP) expanded at a CAGR (CAGR) of 9.39% to reach Rs. 2.54 trillion (US$ 35.99 billion).

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.

Here are some of the key expectations from the SMEs and MSMEs in the state:

Sunil Uniyal, Fillmatic Packaging Systems: Rail connectivity is much needed

As far our state is concerned, most of the regions are in the hilly areas and our procurement happens from the plains. To enhance local procurement and support the local economy, the government should  allot special funds for the greenery area here. When the environment in the state is protected, we can be assured that the economy will also prosper through tourism and we can look at promoting agro industry. One more important aspect here to be noticed is the way we need rail connectivity. Even today, we find transporting the goods are a challenge in the region. When the prices of fuel are increasing, we need to look at e-vehicles available at affordable rates in Uttarakhand. That would reduce the cost and promote make the travel affordable.

J. P. Garg, H. K. Lifesciences: Support Pharma start-ups

The budget should encourage pharma start-ups. While the focus is going only on technology related start-ups, the current pandemic would have taught a lesson for everyone that the pharma industry is the life-saver of technology. The government should announce a special subsidy for the sector. If given an opportunity, there are plenty of innovations that can happen in both life-sciences and pharma. Also, the banks should give special loans for the SMEs. While we appreciate the MUDRA loans from the government, the banks should encourage the SMEs by funding them.

Mahesh Sharma, S. G. Electricals: Local Manufacturers should set-up office:

Uttrakhand deserves a special package. We are relatively a new state and the government should give more focus for our state. I see two ways of economy in our state. One is the companies that caters to the needs of the local consumption while the other is the companies manufacturing here and supplying for the rest of India. In the first case, tourism and dependent industry frame a major chunk of the local economy. The last two years, that industry was going through a tough phase and were not able to cope up to the rising demands. Thus major of the small and medium industries dependent on tourism could not flourish. In manufacturing, most of the companies doing large scale manufacturing here do not have their offices here. The government should provide them enough support to set up local offices and the billing should happen to enhance the state economy. 

Chawla IPS (Vice President Uttarakhand industrial welfare association (UIWA).

1. Scheme to develop small districts as export hubs 
2. The realty sector  should get from budget to boost market sentiments
3. Economy may need more hand-holding, fiscal correction .
4. Budget should aim at boosting growth, achieving fiscal consolidation.
5. Real estate sector expects tax relief, 
6. want Budget to focus on bridging widened inequality in economy and create jobs
7. Pharma industry wants Budget to announce incentives for conducting R&D.
8. Budget should announce something to encourages entities to build a world-class shipping line,
9. Small businesses and MSMEs seek easier access to capital at lower interest rates.