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Meltdown blues reach Uttarakhand

SMA Kazmi
Tribune News Service, February 28, 2009

Uttarakhand has not remained unaffected by global economic meltdown. Once a hot favourite destination of the industry following the announcement of an industrial package in 2003, the situation has worsened for all major companies.

While the big ones have started scaling down their production and are retrenching staff, the micro, small and medium industries are contemplating shutting shop.

In the past one year, the situation has changed drastically. With an investment which was expected to reach Rs 20,000 crore in 2008, Uttarakhand had become the latest industrial happening place in the country.

Most top industrial houses, whether in automobiles, pharmaceuticals, information technology and consumer goods, had either set up shop in the state or had planned to come to this Himalayan state in a big way. [more]

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