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J&K investment boom: Streamlined processes spark new wave of growth

Kashmir has attracted 5,007 proposals, primarily for medium and small-scale enterprises, requiring 29,375.89 kanal (3,671.98 acres) of land. Meanwhile, Jammu has drawn 1,902 applications for larger projects, needing 39,484.94 kanal (4,935.61 acres), especially in the Kathua district due to its proximity to Punjab and Himachal Pradesh.
Last Updated : 08 July 2024, 07:12 IST

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Srinagar: Jammu and Kashmir, known for its stunning landscapes and rich cultural heritage, is now becoming a hub for industrial investment.

The government's implementation of a single-window system to streamline the investment process has resulted in 6,909 applications, marking a new era of prosperity and growth for the region.

Kashmir has attracted 5,007 proposals, primarily for medium and small-scale enterprises, requiring 29,375.89 kanal (3,671.98 acres) of land. Meanwhile, Jammu has drawn 1,902 applications for larger projects, needing 39,484.94 kanal (4,935.61 acres), especially in the Kathua district due to its proximity to Punjab and Himachal Pradesh.

Launched on April 1, 2021, the new industrial policy has been instrumental in attracting these investments by offering incentives like capital investment subsidies and GST benefits.

A senior official from the J&K Industries and Commerce Department said, “This surge can potentially inject over Rs 1.23 lakh crore into J&K’s economy and create employment for approximately 4.69 lakh people.” Already, investments exceeding Rs 21,000 crore have materialized in the Jammu division.

Notable investors include cricket legend Muttiah Muralitharan’s Ceylon Beverages, Dubai’s Emaar Group, Kandhari Beverages, Welspun Group, Haldiram’s ventures, and Bloomtex.

Kandhari Beverages, known for producing soft drinks like Thums Up, has started constructing a pet bottling plant worth Rs 1,100 crore on 36 acres. Murali’s Ceylon Beverages has been allotted 25.75 acres for a Rs 1,600 crore bottle filling and aluminum can manufacturing unit in Kathua.

Emaar Group, developers of the Burj Khalifa, has been allotted land to build a shopping mall and IT tower in Srinagar, as well as another IT tower in Jammu, bringing in Rs 500 crore in foreign direct investment.

Welspun Group has received land worth Rs 850 crore for Sintex water tank units and Rs 585 crore for Haldiram's units in Kathua, and they plan to construct a residential colony for Sintex employees on the land.

To meet the growing demand, the administration is actively seeking additional land, including in the Samba district. In March, LG Sinha noted the significant transformation of J&K’s industrial landscape and praised Bloomtex for launching production within a year of establishment.

The administration has also tackled the previously challenging issue of land availability, now meeting 70 percent of industrial land requirements.

“The efforts are bearing fruit, with investment proposals worth over Rs 90,000 crore received in recent years. Of this, Rs 14,000 crore worth of investments are already being implemented on the ground across both Kashmir and Jammu divisions,” the Lieutenant Governor revealed.

The promise of new jobs offers hope to many young Kashmiris who have long yearned for opportunities closer to home.

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Published 08 July 2024, 07:12 IST

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