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India By State - Sikkim - Business Opportunities


Business Opportunities

 

Introduction

There are many advantages to doing business in Sikkim. Sikkim is naturally endowed with rich flora fauna. Its climate and topographical conditions support industries such as agriculture, horticulture, food processing, tourism and non-timber forest produce. The state also follows the North East Industrial Investment Promotion Policy, 2007, which provides several incentives and concessions for investment in the state.

The government of Sikkim provides excellent institutional support through various central and state government agencies such as the North East Council, Ministry of Development of North Eastern Region, and Commerce and Industries Department.

The state has a well development infrastructure. Sikkim is well connected by roads, telecommunication connectivity compares with the national standards. Optical-fibre connectivity is also being developed. Rail and air connectivity are undergoing mass development.

The high literacy rate in the state means that there is a large quantity of quality graduates from renowned establishments such as Sikkim Manipal University available for labour.

Another advantage is that the state has a stable political set up with a single party government. The state government is committed towards creating a progressive business environment.

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Key Industries

IT Sector

Sikkim's IT policy aims to increase the use of IT in the industrial and government sectors. With a high literacy rate, affordable cost, strong English speaking population, improved telecommunications connectivity and favourable climate, Sikkim is well poised to serve the IT industry. The IT policy was introduced to support the sector and provides several incentives and concessions for investments in the IT sector.

Sericulture

Mulberry, muga, eri, oak-tussar and silk are cultivated in Sikkim. The Sericulture Department of Sikkim promotes exports of silk from Sikkim. The state is investing US$ 1.2 million in capacity building of farmers across 115 villages.

Handloom and handicrafts

Carpet weaving, blanket making, handloom, cane and bamboo, Thanka painting, Lepchahats-making and Angora shawl-weaving are the various handlooms and handicraft activities practiced in Sikkim.

Sikkim's handicrafts are being promoted in various national and international trade fairs and have found ready buyers

Tea

Tea grown in the Temi region of south Sikkim is famous by its brand name "Temi" tea. The tea has its unique flavour and about 100 million tonnes of tea is produced, annually.

Minerals and Mining

Sikkim has a significant, untapped natural resource reserves of coal, lime, stone, marble, quartzite, graphite, and garnet. Contour mapping and survey of minerals is being carried out by the department of mines, minerals and geology of the government of Sikkim.

Electronics and precision engineering

This sector has been identifies as a thrust area by the Sikkim Government owing to the presence of state-run precision engineering industry. Sikkim Precision Industries Limited, Sikkim Jewels Limited and Sikkim Time Corporation are the state-run precision engineering facilities. The success of these industries and the boost it has provided to the economy has encouraged the Sikkim Government to support and promote similar industry.

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Key Players

Sikkim Time Corporation (SITCO)

SITCO was established in 1976 to assemble mechanical watches for Hindustan Machine Tools (H.M.T.). The company diversified into mechanical crown watches, semiconductors, digital and analog watches and speakers. SITCO currently employs 318 persons. It entered into an agreement with BPL, Bengaluru, to manufacture speakers for television and other applications.

Sikkim Jewels Limited (SJL)

SJL was established in 1972 to produce watch jewels, cup jewels and rotor magnets. The company has emerged as a leading player in this segment and has become a preferred supplier to H.M.T. Limited, Titan Industries Limited, Allwyn Watches Limited, Jaipur Meters and Electricals Limited, VXL India Limited and Andhra Pradesh Electricals and Equipment Corporation.

Sikkim Precision Industries Limited (SPIL)

SPIL was set up in 2001and employs over 100 persons. SPIL manufactures TO-202 package power devices and has an installed capacity of 10 million per annum.

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More Information on Sikkim

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