Encouraged and assured by the safe environment in Jammu and Kashmir, investment projects worth nearly Rs 25 thousand crore are under execution in the union territory (UT) while proposals to the tune of over Rs 80 thousand crore are under process.
"Since Independence, Jammu and Kashmir received private investments to the tune of Rs 14,000 crore only. However, after the abrogation of Article 370 and introduction of new Industrial Development Scheme, the UT has received investment proposals worth Rs 81,122 crore in the last two years,” a senior official said.
He said the UT administration has received 5,973 proposals amounting to Rs 80,122 crore from industrial houses based in India and abroad while 1,767 proposals of industrial units for making investments worth Rs 24,729 crore have already been approved.
Nearly 18,000 kanals (2250 acres) of land, as against a total 39,022 kanals (4877 acres) sought for setting up key units, have already been allotted across both Jammu and Kashmir divisions.
Several builders have also shown keen interest in investment here during a real estate summit. The administration has also received dozens of proposals for establishing healthcare projects in the two medi-cities of the Union Territory. These include Dubai-based businesses like EMAAR Group, Noon.com, Al Maya Group, GL Employment, MATU Investments and others.
With investors making a beeline to J&K, the administration is developing 19 new industrial estates across the UT. The industrial investment is expected to bring five lakh jobs for the youth.
Emaar Group is developing a 10 lakh square feet mall at the cost of Rs 500 crore on the outskirts of Srinagar while another foreign investment worth Rs 3000 crore will be released soon, officials said.
Apart from industrial development, sources said, the UT has been registering new StartUp every second day. “During last four years, thousands of new entrepreneurs have been registered who have already started their entrepreneurial journey with small, micro and medium enterprises,” they said.
The government is handholding these new entrepreneurs through various schemes and providing all possible assistance to chase their dreams.
Earlier this month, Union Home Minister Amit Shah and the Commerce Minister reviewed progress of industrial development in Jammu and Kashmir with Lieutenant Governor Manoj Sinha and top officers of civil administration in New Delhi.
Revocation of Article 370 ended all the provisions that prevented outsiders from buying immovable property in the Himalayan region. The incentives being offered to the investors are pulling big business houses towards Jammu and Kashmir.