Srinagar’s Chief Secretary Arun Kumar Mehta said on Monday that investors are increasingly looking to the state of Jammu and Kashmir to set up shop.
A representative for the government released a statement saying that Mehta dispelled the rumours when speaking at a meeting organised to discuss the goals for the Information and Communications Department in 2023–2024.
He asked the department’s staff to be helpful to anybody interested in relocating to J&K and setting up business.
Mehta requested that they serve as the single point of contact for these business owners so that they could promptly set up their units inside the SWS.
In the meeting, it was announced that a total of 5,327 applications and investment proposals had been received under the New Industrial Policy (NIP), 2021, with an expected investment of over Rs 66,000 crore to be made here in J&K.
About 10,000 young people have found jobs thanks to recent NIP investment units that have gone into production in J&K totaling about Rs 2200 crore, as was reported during the conference. The current fiscal year 2023-24 is also showing signs of being a fruitful one in terms of investments made on the ground, as was previously stated.
It was made clear that a total of about Rs 5500 crore had been invested so far in the construction of industrial facilities, which would eventually employ a large number of young people.
The Industrial Development Agency has done the same thing, allocating land for 1854 units, of which 854 have paid the premium.
Additionally, as required by the NIP, lease documents had been completed for 560 units, and the corresponding parcels of land had been taken into possession.
For example, under the LG’s administration’s Business Reform Action Plan, Ease of Doing Business (BRAP-EoDB), 352 BRAP points have been complied with, and 3188 burden compliances have been decreased, contributing to the success.
In addition to creating new industrial estates and bettering the current infrastructure, this plan calls for the consolidation of 167 services from 18 different government agencies into a single online platform for the convenience of potential investors. Last year, Lieutenant Governor Manoj Sinha lay the cornerstone for a mall in Srinagar that will be built by Dubai’s Emaar Group, J&K’s first FDI.
The combination of these forward-thinking initiatives with the state’s long record of stability, economic growth, public accountability, and openness has made Jammu and Kashmir an attractive investment location.
Principal Secretary of Industries and Commerce, Director General of Industries, Jammu and Kashmir, Director of Industries, Kashmir, and other officials from the relevant Department were present at the meeting.
