Pulwama, South Kashmir
Credit: PTI File Photo
Srinagar: The revocation of special status of Jammu and Kashmir under Article 370 has finally started to bear fruits as the Union Territory (UT) is witnessing its highest-ever industrial investments in the last two years.
Official figures reveal that J&K has realized investments worth Rs 2153.45 crore during financial year 2022-23, which is the highest compared to any financial year over the last decade. Similarly, in the first six months of this financial year, the UT has realized investments worth Rs 1752.1 crore.
“Additionally, 169 units with investment worth Rs 7096 crore and employment of 21,076 have initiated ground work and will commence production shortly. 6231 proposals with investment of Rs 87,923 crore have been received and this will generate employment of 392162,” the figures reveal.
According to J&K Chief Secretary Arun Kumar Mehta, industrial development in the UT is one of the foremost priorities of the government which is expected to create significant employment during the next five years.
“Jammu and Kashmir is focused on achieving sustained industrial development and economic growth and the government is firm in its resolve to support the entrepreneurs who have interest in investing in the UT and contributing to its development”, he said.
J&K is already emerging as a vibrant, fastest growing and most attractive investment destination and renowned companies from across the country and abroad are looking forward to investing in the UT.
Earlier this year in March, the makers of Burj Khalifa marked their formal entry into J&K, performing the groundbreaking ceremony for the first foreign direct investment in the UT - a shopping mall and a multipurpose tower in the outskirts of Srinagar.
The ‘change in land use’ scheme introduced to diversify the industrial base by facilitating the establishment of various types of industries has helped in reducing dependency on government estates. Due to this initiative, 3722 kanals (465.25 acres) of land is being developed by private industry, the figures state.
To fast track the development of industrial estates, the Central Public Sector Undertakings (CPSUs) National Buildings Construction Corporation (NBCC) and Indian Railway Construction International Limited (IRCON) have been engaged in development for six new industrial estates.