J&K admin receives investment proposals worth Rs 23152 crore

Srinagar: The Jammu & Kashmir administration has received investment proposals worth Rs 23,152.17 crore from private players in the Union Territory.

In its report, the department-related parliamentary standing committee on Home Affairs has revealed that it was informed by the UT of J&K that 456 MoUs have been signed amounting to Rs. 23,152.17 crore in the UT.

The panel headed by Congress MP Anand Sharma was also informed by the administration of J&K UT that it has received 51 proposals for establishment of private hospitals and schools in J&K.

“The committee enquired about the proposals for opening of private schools and private hospitals in UT of J&K. The administration of the UT of Jammu & Kashmir replied that owing to restrictions of ownership of land, a very few of the private national hospital chains have established hospitals in J&K. However, following the relaxation in land ownership for industries and service sector and the government’s efforts to promote private hospitals, the J&K government has received proposals for establishing 18 private hospitals with investment of Rs. 3,200 crore in the form of MoUs. Similarly, J&K government has received 33 proposals with an investment of Rs. 2,100 crore in the education sector,” reads the report, a copy of which is lying with Precious Kashmir.

It is pertinent to mention that the government has identified 14 sectors including Tourism & Hospitality, healthcare, education & skill development for investments in Jammu & Kashmir.

According to the report, the panel was informed by the Ministry of Home Affairs that Jammu and Kashmir Trade Promotion Organization has been designated as the Investment Promotion Agency (IPA) for the UT of J&K.

The report also revealed that a land bank of 6000 acres is being set-up for establishing industries in J&K. “A land bank of 6,000 acres is contemplated to be developed for providing ample land for industry to establish, out of which 3,000 acres of land have already been identified,” reads the report.

The committee was also informed by the administration of UT that there is no domicile requirement for the establishment of industries.

“Further no person from outside has purchased land in J&K, since the Industrial land allotment policy is in formulation and land allotment has not commenced,” it further states.

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