Jammu and Kashmir received Rs 1.63 lakh crores in Investment proposals till December 2024: Survey Report

Jammu: Investment proposals worth Rs 1.63 lakh crore have been received till December last year, which will create direct employment opportunities for more than 5.90 lakh people, Jammu and Kashmir government’s economic survey report 2024-25 said.

The report, tabled by the Chief Minister in the Legislative Assembly last week, said 1,984 units involving an investment of Rs 9,606.46 crore and providing employment to 63,710 people have come into production in the Union Territory since 2019 till December 2024.

This includes 334 units having employment of 8,443 persons with an investment of Rs 2,977 crores in FY 2024-25 up to December 2024.

As many as 8,306 new applications have been received with a proposed total investment of Rs 1.63 lakh crore and the potential to create employment for approximately 5.90 lakh individuals, requiring 79,137 kanals of land as of December 2024, the survey said.

It said the Industries and Commerce Department envisions sustainable, equitable, environment-friendly and balanced industrial growth and economic development of J&K with focus on employment generation. Development of backward regions and nurturing existing units is emphasized upon in the J&K Industrial policy 2021-30.

To attract investment further in the Industrial Sector, J&K Government introduced new policies which include J&K Start-Up Policy 2024-27 and J&K Wool processing, Handloom and Handicraft policy 2020.

Online allotment of land across the Union Territory in a transparent way is ensured through the J&K Industrial Land Allotment Policy 2021-30. These aim to attract investments with incentives like Capital Investment Incentive, GST Linked Incentive, and Working Capital Interest Incentive, it said.

The Centre has rolled out the New Central Sector Scheme (NCSS) with an outlay of Rs 28,400 crores for industrial development of J&K in 2021 which envisages incentives like Capital Investment Incentive, Capital Interest subvention, GST Linked Incentive, Working Capital Interest Subvention.

“This package has received an overwhelming response and has been fully subscribed. As of the registration deadline on 30th September 2024, a total of 971 applications, representing an investment of Rs 10,471 crore and employment of 51,897 have been approved for registration.

“J&K has witnessed the setup of industries with investments exceeding Rs 500 crore. These large-scale ventures have catalysed the development of ancillary industries, enhanced-local employment, and firmly positioned J&K as a competitive investment destination,” the survey said.

Forty-six new industrial estates are being developed to boost job opportunities, with PSUs like NBCC, IRCON, CPWD handling the work.

The report said handicrafts and handlooms are vital to J&K’s economy, providing significant employment to around 4.22 lakh artisans.

"The sector includes renowned products like Pashmina Shawls, Kashmiri Carpets, and various woodcrafts. The government focuses on skill development with 634 training centers. A unique QR Code-based certification system has been established which ensures authenticity of the crafts. Many crafts have received GI tags, and more are in the pipeline,” it said.

Exports have rebounded post-COVID, with total handicraft exports reaching Rs 1,162.29 crore in 2023-24, doubling from 2021-22.

Jammu and Kashmir's start-up ecosystem has also seen a remarkable 287 per cent growth, with DPIIT-registered start-ups increasing from 237 in 2020 to 917 in 2024, including 333 women-led ventures.

Over 1,600 start-ups have been registered with the Entrepreneurship Development Institute (EDI), marking a threefold rise, the report said, adding the New Start-up Policy 2024-27 and the J&K start-up portal, launched in July 2024, offers strong fiscal and non-fiscal support.

In terms of Ease of Doing Business (EODB), Jammu and Kashmir has made significant progress becoming the first UT to integrate its National Single Window Portal with the national platform.

The region achieved 97 percent compliance with the Business Reform Action Plan (BRAP), with 341 out of 352 reforms approved, and the JK-SW Incentive Calculator was recognized as a Best Practice.

The Regulatory Compliance Burden (RCB) has also been reduced by 3,226 regulatory hurdles, further streamlining business operations, the survey said.

During 2024-25, it said Jammu & Kashmir's cooperative sector made notable progress viz. 664 societies were registered, creating potential jobs for 1,223 people.