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Economy of Uttarakhand
Uttarakhand's
gross state domestic product for 2004 is estimated at $6 billion in
current prices. Born out of partition of Uttar Pradesh, the new
state of Uttarakhand produces about 8% of the output of the old
Uttar Pradesh state. Consolidated Finvest and Holdings, a S&P CNX
500 conglomerate has its corporate office in Uttarakhand. It
reported a gross income of Rs.137 million for 2005.
In 2003, a new industrial policy for the state with generous tax
benefits for investors was initiated that has led to a massive
upsurge of capital investment. SIDCUL, the State Industrial
Development Corporation of Uttaranchal (sic) has established seven
industrial estates in the southern periphery of the state, while
dozens of hydroelectric dams are being built in the upper reaches.
However, hill development remains an uphill challenge as out
migration of local peoples continues from the highland hinterlands.
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