Modi likely to launch industrial investment scheme in J&K

Prime Minister Narendra Modi is likely to visit Jammu & Kashmir in the first week of April to inaugurate and lay the foundation stone of some developmental projects and launching industrial investments in the union territory (UT).

Sources said the investment proposals in the union territory may cross Rs 70,000 crore by the time Modi formally launches the scheme. After the abrogation of J&K’s special status under Article 370 in August 2019, a new dawn of investment and industrial development has begun in the union territory.

This investment is set to provide employment to lakhs people while boosting the industrial development of Jammu and Kashmir.

Besides, foreign investment from leading business groups from the world is also expected to give a flip to the ailing economy of the union territory. A delegation headed by J&K Lieutenant Governor Manoj Sinha had visited the UAE in January and signed investment proposals worth thousands of crores with top business leaders there.

Sources said the Prime Minister is likely to inaugurate and lay the foundation stone of some projects in Jammu and Kashmir as a few projects are nearing completion while various others are ready for launch.

However, they said, no date has so far been finalised for Modi’s J&K visit but it was expected to take place either by the end of this month or at the start of next month. “The dates of PM Modi's J&K visit haven’t been finalised yet, but we have been told to make preparations,” a senior officer from the J&K administration said.

The government of India had launched the Industrial Development Scheme in J&K on January 6, 2021 which was to the tune of Rs 28,400 crore and was expected to generate 4.5 lakh to 5 lakh jobs for the youth in the private sector.

However, as per the officials, the scheme received response much beyond the expectations of both the Central as well as union territory governments and investment proposals have already reached Rs 70,000 crore while more are in the pipeline. But, as of now, the results are not visible on ground as the scheme has not taken off yet.

Watch the latest DH Videos here: