Chennai, (IANS) With most of foreign investments coming to western and southern India, industry lobby CII is holding a conclave in November to showcase north as an ideal investment destination, an official said Wednesday.
“In the recent times, major industrial investments have gone to Gujarat and the southern states. So, it was decided to have a conclave to showcase the facilities available in states and union territories in north India for investment,” Richard Rekhy, KPMG’s country head-advisory, told reporters here.
KPMG is the knowledge partner of Confederation of Indian Industry (CII) for the two-day ‘Invest North’ conclave in Gurgaon Nov 3-4.
Chief ministers, union ministers, members of parliament and international business delegates are scheduled to attend the event.
Rekhy said Delhi, Haryana, Himachal Pradesh, Jammu and Kashmir, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand and Chandigarh are home to 31 percent of India’s population and account for a quarter of the Indian market.
“The region contributes 26 percent to India’s GDP and five states and one union territory have a per capita income higher than the national average,” he said.
Rekhy said that like automobiles, India was going to be a hub for global aerospace sector with the offset clause coming into play in defence imports.
He said the ambitious Delhi-Mumbai industrial corridor would create seven new cities and new ports, spurring further investments.
Referring to the high cost of moving the goods intra-state, Rekhy said the industrial corridor would reduce the cost of transportation of raw materials and finished goods.
Rekhy said the National Capital Region and Haryana were ideal for information technology (IT), IT-enabled services (ITES) and healthcare sectors while Punjab, Uttar Pradesh, Himachal Pradesh and Jammu and Kashmir were good for investments in agriculture and processed food.
Haryana, Uttar Pradesh, Himachal Pradesh and Punjab were also good places for setting up manufacturing units and Rajasthan, Uttar Pradesh, Delhi, Himachal Pradesh and Uttarakhand were ideal for tourism, he said.