After new policy, J&K finalizes investments worth Rs. 23,000 crore
Jammu and Kashmir has finalized investment projects worth Rs. 23,000 crore, four months after a new industrial policy was notified, and more investments are on the way. Rs. 11,000 crore of the fresh investments will go to Kashmir Valley and Rs. 12,000 crore to the Jammu region, The Indian Express reported citing sources in the union territory's administration.
'Considerable interest in corporates to come to J&K'
"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. Projects worth Rs. 23,000 crore have already been locked," Ranjan Thakur, Principal Secretary, Industry and Commerce, said.
Jindal Steel Works, other firms have invested
Major corporates investing in the UT include Jindal Steel Works (JSW). In fact, the company has been allotted land to establish a profile sheet making unit in Lassipura Industrial Estate in Pulwama, South Kashmir, sources told The Indian Express. Other companies are from telecom, cyberoptics, and hosiery sectors. Players from Japan and Dubai have also committed investments, the sources added.
3,000 hectares of government land set aside for projects
The new projects are coming up in Jammu, Kathua, and Samba districts in Jammu, and in Srinagar, Budgam, Pulwama, and Shopian in Kashmir Valley. Around 3,000 hectares of government land have been earmarked for them. Thakur shared they expect investments to reach the Rs. 35,000 crore-mark by the end of this calendar year and Rs. 50,000 crore by the end of the financial year.
Which all sectors are investing?
Industry sectors that are investing in the Jammu area include food processing, beverages, and profile sheet industries, according to sources cited by TIE. Some pharmaceutical companies are also shifting from Himachal Pradesh to Jammu to avail the incentives. Meanwhile, in Kashmir, investments are being made in sectors such as healthcare, wellness centers, tourism, food processing, meat processing, BPOs, printed circuit boards, and educational institutions.
'Jammu being developed as a production hub'
"We are looking at a sustainable model where industries continue to have interest in the region even after incentives are withdrawn," Thakur said. "So we are trying to build on our strengths and tap industries accordingly. In that sense, because of its connectivity, closeness to Punjab and other factors, Jammu is being developed as a production hub," he was quoted as saying.
What is J&K's new industrial policy?
The new industrial policy of Jammu and Kashmir was announced earlier this year by the UT's Lt. Governor Manoj Sinha. It is aimed at making J&K a business hub, carrying out social and economic development, and generating employment. The UT administration is offering various perks to investors, such as cheaper interest rates on loans and relaxation in taxes.