Himachal Pradesh government has decided to fund the Rs 350-crore Medical Device Park in Nalagarh, Solan district, on its own, without any assistance from the Union government. The state government has chosen to return the Rs 30 crore received from the centre.
The project would come up in over 265 acres of land and in case Rs 30 crore received from the centre was not returned, the land would have been provided to industrialists at the rate of Re 1 per square meter, electricity at Rs 3 per unit and water, maintenance and warehouse facilities, free of cost for ten years, Chief Minister Sukhvinder Singh Sukhu said.
He then explained that the project will generate benefits worth Rs 500 crore from land sales and other resources over the next five to seven years. To finance the park's construction, the state government will take a loan from SIDBI under the cluster development scheme. The park will be developed as a modern industrial hub, with 25% of the land allocated for medical device industries and 75% for other strategic industries.
This decision follows a similar approach taken for the Bulk Drug Park in Una district, where the state government chose not to involve private agencies and instead allocated Rs 1,000 crore from its own resources.
The Medical Device Park is expected to become a significant source of income for the state government, driving economic development and infrastructure growth in the region.
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