Himachal Pradesh to Develop Medical Device Park in Nalagarh

The Himachal Pradesh government is set to develop a medical device park in Nalagarh, Solan district, using its own resources. The state will return Rs 30 crore previously allocated by the Central government for this project, which will span 265 acres and cost Rs 350 crore. Financing will come from a SIDBI loan under the cluster development scheme.

In a strategic move, 25% of the park's land will be dedicated to medical device industries, while the remaining 75% will support other strategic industries to foster regional industrial growth. This restructuring aims to attract diverse industries and stimulate economic development.

The state anticipates a financial benefit of Rs 500 crore over the next five to seven years from land sales and other resources. Additionally, the government will offer incentives to industries setting up in the park in line with its industrial policy, ensuring a supportive environment for business growth.

This development is expected to transform Nalagarh into an industrial hub, enhancing infrastructure and driving economic progress in the region. The medical device park is poised to become a significant contributor to the state's industrial landscape.

News by Rahul Yelligetti