Under new Industrial Policy, Rs 14,000 cr investment made in J&K

According to J&K Lieutenant Governor, Manoj Sinha, the investments in industry will touch Rs 35,000 crore by the year-end. “We already have received investments worth Rs 14,000 crore,” he said while speaking at a press conference along with Union Finance Minister Nirmala Sitharaman at the Raj Bhawan in Jammu on Tuesday.

The new Industrial Policy aims to give fresh thrust to the industry and services-led development of Jammu and Kashmir with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing ones.

A senior officer of the J&K Industry and Commerce department said since the announcement of the new industrial policy (which incentivizes investment in J&K), there has been considerable interest in the corporate sector to come to the region.

“The investors have already paid up money for land and DPRs (Detailed Project Reports) have already been uploaded on our website. We are expecting to touch Rs 35,000 crore (of investments) by the end of the calendar year, and Rs 50,000 crore by the end of this financial year,” he said.

Around 3,000 hectares from the government’s land bank of about 6,000 hectares have been earmarked for the proposed projects, sources said and added that as more investments come in, the government will also make further land acquisitions.

On August 5, 2019, the BJP government at the Center had justified the revocation of Article 370 saying it had acted as an impediment to the development of Jammu and Kashmir. In his first speech after the abrogation of Article 370, on August 8, 2019, Prime Minister Narendra Modi had spoken about the central government’s plans to end corruption, atrocities and violence in Jammu and Kashmir to make way for industries, private investments and employment.

The move to end J&K’s special status has created an opening for private players to invest in real estate and other infrastructural projects in the UT.

There has been an investment worth Rs 14,000 crore in Jammu and Kashmir since the government approved a new Industrial Policy for the Union Territory early this year.

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