Details of the new development in the industrial sector in Sikkim.
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The state is popular tourist destination due to the presence of the snow-capped peaks like Kanchenjunga and, therefore, there is always a flow of tourists from all over the world. However, there are several other industrial sectors that help the state with its economic growth. The state has been able to gain 25 central government projects that will promote the state at various levels. The key industries here are floriculture, tea, large cardamom, electronics, minerals, and pharmaceuticals, agro -processing units, hydroelectric power and more. Besides, there are several small and medium scale industries that help with the employment in the state. Sikkim has been one of the fastest growing industrial states since 2000. Liquor industries are also a major source of revenue for the state. Apart from this, IT industry is also on the government agenda.
Initiatives taken by government
The gross state domestic product grew at a rate of 18.3 % from 2004 to 2014-15. The Sikkim industrial development and Investment Corporation limited helps in developing industrial sector in the state. The handloom, silk reeling, precision engineering, medicinal plants, biotechnology are some of the industries that the government plans to develop. The state also plans to make Sikkim first in producing total organic cultivation by 2015. It also provides various incentives and facilities to attract investors. A CAGR of 27.9% the secondary sector is the fastest growing as compared to the other sectors from 2004 to 2014-15. It has contributed to around 62.22 % of the state’s GSDP. With the contribution around 80% of cardamom, Sikkim is the largest contributor of cardamom to the nation.
Kompass is here to provide the right connections to the business of any kind and also meet those who are beneficial to the business.