Approval Granted for ADB Project Worth 2,095 Crores in Himachal Pradesh
Tourism Boost for Himachal Pradesh:
In a major development, Himachal Pradesh has secured an in-principle approval for a mammoth Rs. 2,095 crore infrastructure project, aimed at bolstering the state's tourism industry. The nod comes from the Asian Development Bank (ADB), with the project set to kickstart in the next year, as announced by the Chief Minister, Jai Ram Thakur.
This project is all about giving tourism in Himachal Pradesh a much-needed push. It's designed to create new tourist destinations, enhance existing ones, and ensure the preservation and maintenance of heritage. To lighten the load on crowded tourist spots, the project also plans to develop lesser-known locations.
The project is slated to be implemented in two phases, with the first phase worth over Rs. 900 crore and the second phase worth over Rs. 1100 crore. Of the total, 90% will be a loan supported by the Government of India, while the state's contribution will be 10%.
Jai Ram Thakur recently lobbied for this project with the Union Finance Minister and presented proposals to various ministries like Tourism, NITI Aayog, and Finance. The project's proposal was given an initial go-ahead by the Screening Committee, Department of Economic Affairs of Ministry of Finance.
The ADB-backed project is part of a broader mission to support urban and economic development in India. It aligns with similar projects across India, focusing on sustainable infrastructure, urban upgrades, and public transport projects, aimed at driving economic growth and inclusive development.
The project has a multi-dimensional focus, including:- Sustainable tourism development- Job creation and fostering community participation- Strengthening partnerships with private sector partners through public-private partnerships (PPP)- Revitalizing Himachal Pradesh’s tourism potential post-pandemic challenges
The project particularly targets vulnerable populations, such as women and persons with disabilities, to ensure that benefits are widely distributed across local populations. The initiative aims to create a world-class tourism infrastructure to entice tourists from all corners of the world. Stay tuned for more updates on this exciting project!
[1] https://www.adb.org/news/adb-approves-usd-265-million-india-sustainable-tourism-development-project[2] https://www.livemint.com/news/india/adb-sanctions-265-million-loan-for-sutid-project-in-himachal-pradesh-11647881549378.html[3] https://www.business-standard.com/article/economy-policy/adb-approves-loan-of-265-million-for-sustainable-tourism-infrastructure-development-in-himachal-pradesh-121061100237_1.html[4] https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1685396[5] https://www.dnaindia.com/business/report-adb-approves-loan-of-265-million-for-sustainable-tourism-development-in-himachal-pradesh-2970204
- The ADB-backed project in Himachal Pradesh, worth Rs. 2,095 crore, is designed not only to boost the state's tourism industry but also to influence the finance sector, as it aligns with similar projects across India focusing on sustainable infrastructure and economic growth.
- As part of the multi-dimensional focus of the project, efforts will be made to foster lifestyle changes by revitalizing Himachal Pradesh’s tourism potential, creating a world-class tourism infrastructure that encourages both domestic and international travel, ultimately stimulating business growth within the region.
