JAMMU: The governments of Jammu and Kashmir have received 4,226 investment proposals worth Rs 47,441 crore to provide industrial space for the Union JK Govt. www.jk.gov.in
The management of Jammu and Kashmir in January last year announced a new industrial development plan using Rs 28,400 crore to encourage new investment and move industrial development to block level.
This new policy, which was in effect until 2037, also paved the way for foreign investment in the region.
JK Govt Receives Proposals worth Rs 47,441 Crore for Land allotment
An estimated 4,226 investment proposals for Rs 47,441 crore have been obtained online to share land to build units in the Union Territory (UT), said a government official.
The proposals are estimated to create 1.97 lakh jobs, the official said, adding that the process of approving the proposals was being followed as soon as possible.
A total of Rs 150 crore has been provided for the development of new industrial areas by 2022-23, and the government aims to generate employment of about 4.5 lakh people under the new policy, the official said.
He added that the Rs 1,003 crore allocated to the department of industry and commerce would go hand in hand with ongoing efforts to take industrial development to UT at a higher level.
“Most of the money will be spent on establishing new industrial centers in Jammu and Kashmir. The Department of Industry will also assist 2,000 self-help groups by promoting handicrafts, ”he said.
In this year’s budget, Rs 200 has been allocated to provide financial assistance to new emerging J&K entrepreneurs.