Himachal Pradesh to Self-Fund Medical Device Park in Nalagarh

Himachal Pradesh will create a Rs 350 crore medical device park in Nalagarh using its own funds, returning Rs 30 crore received from the central government. This move aims to protect state resources and generate significant revenue and development opportunities.

The Himachal Pradesh government has chosen to fund the construction of a medical device park in Nalagarh, Solan district using its own resources, returning Rs 30 crore provided by the central government for the project. This park, spanning 265 acres, will involve an investment of Rs 350 crore.

A recent government release highlighted that the decision aims to prevent significant financial concessions that would incur losses of up to Rs 500 crore in the next 5-7 years. If central funds were used, industrialists would receive land, electricity, and other amenities at highly subsidized rates, affecting the state treasury.

Chief Minister Thakur Sukhvinder Singh Sukhu emphasized the importance of safeguarding state resources, stating that Himachal Pradesh’s residents have rightful claims over them. The government has already allocated Rs 74.95 crore for this project and plans to finance additional costs through a SIDBI loan.

The state government will reserve 25% of the park’s land exclusively for medical device industries, while 75% will be allocated to other strategic sectors, fostering industrial growth in the region. This initiative aims to develop an advanced industrial hub that enhances state revenue and promotes economic development, the release indicated.