Jammu and Kashmir fast turning into investment hub: Chief secy

In the last one year, investments worth ₹2,200 crore have been made in the UT under the New Industrial Policy. As the central and UT administration is focusing on private investments in Jammu and Kashmir, in the last one year, investments worth ₹2,200 crore have been made in the UT under the New Industrial Policy (NIP).

As the central and UT administration is focusing on private investments in J&K, in the last one year, investments worth ₹2,200 crore have been made in the UT under the New Industrial Policy (NIP).

As the central and UT administration is focusing on private investments in Jammu and Kashmir, in the last one year, investments worth ₹2,200 crore have been made in the UT under the New Industrial Policy (NIP). (Getty Images/iStockphoto/ Representational image)

The policy was introduced by the government in 2021 two years after the abrogation of Article 370 with a hope to create new employment avenues in the J&K especially for youths. The officials said the fresh investments will create thousands of jobs for locals.

“J&K is fast turning into an investment hub as people are keen to establish their business units here in the UT,” said J&K chief secretary Arun Kumar Mehta during a meeting called to deliberate upon the deliverables set for the Industries and commerce department.

And to motivate people for good investment in J&K and speedy work, the UT administration is establishing units under the single window system (SWS).

The officers said since the introduction of new Industrial Policy 5327 applications and investment proposals have been received with an anticipated investment of about ₹66,000 crores to be made in various parts of the UT. “Under NIP investments worth about ₹2200 crore have been made in J&K till previous financial year 2022-23. These units have come into production recently creating employment opportunities for nearly 10,000 youth. The current financial year 2023-24 is turning out to be a successful year in terms of investments actually made on ground,” said J&K government official spokesman.

The spokesman attributed success of the investment projects to steps taken by the lt governor administration such as business reform action plan, ease of doing Business (BRAP-EoDB) under which 352 BRAP points have been complied and 3188 burden compliances have been reduced. “It also involves providing 167 services of 18 departments on single window portal for seamless services to the prospective investors besides developing new Industrial Estates and improvement of existing infrastructure,” the spokesman said.

Recently Jammu and Kashmir received the first Foreign Direct Investment when Lieutenant Governor, Manoj Sinha laid foundation stone of mega Mall in Srinagar outskirts to be constructed by Dubai’s Emaar Group last year.

Officials said the focus of these investment is on tourism, health, horticulture and education sectors.

Former president KCCI, Sheikh Ashiq said the investment good create more jobs in J&K...”The government should encourage local entrepreneurs to set up big projects across J&K. We hope whatever has pledged will be invested,” he said.