Srinagar, Dec 6: Jammu and Kashmir has successfully realised investments amounting to Rs. 2079.76 Crore in the first seven months of the current fiscal year, official data suggests.
As per the data accessed by news agency—Kashmir News Observer (KNO) , the total investment in the industrial sector of Jammu and Kashmir has gone up to Rs 5319.35 crore since 2019.
Data reveals that in the year 2019-2020, when centre abrogated Article 370, Jammu and Kashmir witnessed an investment of Rs 296.64 crore in the industrial sector.
The investment in the industrial sector has hiked by more than 86 percent in less than five years, data reveals.
In the year 2020-2021, Jammu and Kashmir has realised an investments Rs 412.74 crore in the industrial sector.
In 2021-22, an investment of Rs 376.76 crore were recorded in the industrial sector of Jammu and Kashmir.
An investment of Rs 2153 crore was realised in industrial sector in the year 2022-23 .
As per a document, investment proposals worth Rs. 88,915 crore have been received by the Jammu and Kashmir government, which has the potential to generate employment for more than 3.98 lakh skilled youth.
Pertinently, the Government of India notified a New Central Sector Scheme for Industrial Development of Union Territory of Jammu & Kashmir on 19.02.2021 with an outlay of Rs. 28,400 Cr to boost industrial development.
In addition, J&K Industrial Policy 2021-30, J&K Industrial Land Allotment Policy 2021-30, J&K Private Industrial Estate Development Policy 2021-30, J&K Wool Processing, Handicrafts and Handloom Policy 2020 have also been notified .
“Various initiatives have been taken by the Government of Jammu and Kashmir “for making the UT an investor friendly destination,” the document said.
The Industries and Commerce Department in its recently released compendium revealed that investments have come for the establishment of 2540 units in Jammu and Kashmir in first six months of the current fiscal. Of which 2329 units have to be set up under the Prime Minister’s Employment Guarantee Programme (PMEGP).
Regarding investments, Lieutenant Governor Manoj Sinha last month appealed to captains of industry on Tuesday to invest in J&K
He said that J&K offered investors endless possibilities and a partnership in strong profitable growth.