Srinagar: Jammu and Kashmir government receiving proposals worth over Rs 51000 cr for investment is a candid reflection of an alluring investment-friendly environment in the Union Territory after the launch of New Central Sector scheme for industrial development here.
The J&K administration in January last year announced a new industrial developmental scheme with an outlay of Rs 28,400 crore to encourage new investment and take industrial development to the block level. The new policy, which will be applicable till 2037, also paved the way for bigger investors to invest in J&K.
“These potential proposals are estimated to generate 2.37 lakh employments”, the official said adding that the clearance process of these proposals has already been fast-tracked.
The new central sector scheme provides four types of incentives including Capital Investment Incentive, Capital Interest Subvention, Goods & Services Tax Linked Incentive and Working Capital Interest Subvention.
Moreover, in order to boost industrial development in UT, the government of J&K has also notified the J&K Industrial Policy, J&K Private Industrial Estate Development Policy and J&K Industrial Land Allotment Policy.
Lieutenant Governor, Manoj Sinha, has said that “Jammu & Kashmir, nestling in the lap of Himalayas, is on a mission to be country’s fastest growing region. Government’s prime objective is to extend trust with business conglomerate and strengthen existing regulatory policies to attract investments benefiting Citizens.”
Meanwhile, Jammu and Kashmir had signed six agreements that will bring investments in the Union Territory’s real estate, infrastructure, tourism, healthcare and manpower employment sectors among others at Dubai Expo 2020. Several UAE based businesses signed Memorandums of Understanding (MOUs) with Jammu & Kashmir which included Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-commerce. One Letter of Intent (LOI) was signed with Magna Waves Private Limited, Emaar Group and Lulu International.