Speaking at a rally at Sitarganj in Kumaon region, the Chief Minister indicated that he may contest the by-election from the constituency, but said the final decision would be taken by the party high command.
The by-election has been necessitated following the resignation of BJP MLA Kiran Mandal last month, apparently to pave the way for Bahuguna's election.
Lauding Mandal's move, Bahuguna said, "This is perhaps the first example in the entire country where an MLA (Mandal) has sacrificed his seat for the development of his area and community".
Praising the people in the constituency for working towards the development of the region, the Chief Minister said that the state government would provide all the support necessary to carry forward their efforts.
"The government is committed to the development of Sitarganj, which would be carried out as per the aspiration of Mandal," he said.
During his visit, Bahuguna also laid the foundation stone of various new projects, including two godowns for crops, a science laboratory, classrooms and a toilet for a government school, among others.
Bahuguna also announced two flood control schemes worth Rs 10 crore, construction of 23 roads at a cost of Rs 58 crore and two bridges, a stadium, a polytechnic college, a degree college, upgradation of a 30-bed hospital, modernisation of a primary health centre and a bus stand for the constituency.