SRINAGAR, JUNE 7: J&K’s new Industrial Policy 2021-30 envisages Rs 28,400 cr spending in the coming 15 years period.
An official handout issued to media today said that ‘the government of Jammu and Kashmir is providing an enabling environment for investors to start their business ventures in the Union Territory.’
For Industries and Commerce sector, an allocation of about Rs 555.80 crore has been made under capital expenditure for the year 2022-23 which is Rs 139.84 crore more than the previous year’s budget allocation.
“The focus of Jammu and Kashmir Industrial Policy 2021-30 is to attract new investment, creation of employment opportunities for youth, development of backward regions and nurturing of existing industrial units”, the official said.
As per the official figures, the New Industrial Policy is also expected to create 4.5 lakh jobs in J&K. The new policy has a spending outlay of Rs 28,400 crore (Rs 284 billion), the largest incentive to date, for industrial development of Jammu and Kashmir for the next 15 years. “It is expected to generate an investment of Rs 20,000 crore (Rs 200 billion) and employment of 4.5 lakh over the plan period.” said an official.
Jammu and Kashmir government is also planning to host Global Investors’ Summit with an objective to bring together investors, decision-makers, senior government officials and local business community for a dialogue on concrete investment opportunities in J&K.
“It will be replete with Strategic Sectoral sessions, Round Table Deliberations, one-to-one Business to Business (B2B) and Business to Government (B2G) meetings. The main objective behind the summit is to increase employment opportunities by accelerating the industrial growth in the newly carved UT,” an official said.