Says industrial holiday of UT is over, we are open for business
New Delhi: Lieutenant Governor, Manoj Sinha on Thursday said that new Jammu and Kashmir is determined to reverse the trend of the past 7 decades by pushing the targets for economic growth and employment.
He was addressing “ELARA India Dialogue 2021” through virtual mode. Elara Capital Chairman Raj Bhatt, renowned journalist Aditi Phadnis and hundreds of company representatives from across the country and abroad attended the dialogue.
Speaking on the occasion, the Lt Governor shared J&K’s journey of economic growth and development from the past two years.
This is the new Jammu Kashmir determined to reverse the trend of the past seven decades by pushing the targets for economic growth and employment. Our aim is very clear- deepen the trust with business conglomerate, build the industrial base for the economy and strengthen the social stability, said the Lt Governor.
“The industrial holiday of the Union Territory is over and we are open for business. I invite the investors from across the globe to invest in Jammu Kashmir and be a partner in the UT’s rapid economic growth”, said the Lt Governor.
While the country under the leadership of Prime Minister Narendra Modi is on a mission to renovate, reinvent and take a quantum leap from fastest-growing economy to superpower, Jammu & Kashmir is also set out on the journey towards growth and prosperity, observed the Lt Governor.
I express my gratitude to the Prime Minister for taking both conventional and unconventional measures to regenerate J&K’s economy and make sure we continue to walk on the path of progress, the Lt Governor said.
The Lt Governor spoke on how the new Rs 28,400 cr Industrial Development Scheme is proving to be a game changer in facilitating the Industrial growth in the UT of J&K.
The new industrial scheme, offering a host of attractive Industrial Incentives, a supportive framework of Ease of Doing Business, coupled with the Land Bank of 12,000 acres, private industrial estate development & a strong MSME ecosystem, is unlocking the investment flow and welcoming the potential investors to look at J&K as a great business opportunity, added the Lt Governor.
We are striving to create a vibrant industrial ecosystem and transform the UT into an industrialized territory. The tireless efforts are paying us the dividend. Within two months, we have received investment proposals worth Rs 25,000 Crore for both Jammu and Kashmir divisions and we are hoping to get the proposals of approximately Rs 50,000 Crore by March 2022, the Lt Governor said.
J&K offers abundant raw material for agro & food processing, is strategically located with rich culture and nature, hub of handloom and handicraft, rapid single window clearance, industrial infrastructure and a responsive governance & minimum government.
Moreover, Jammu & Kashmir has the lowest crime rate and lowest power utility rates. Security situation has significantly improved. In July, 10.50 lakh tourists visited the UT while the number has gone up to 11.20 lakh last month, clearly indicating a conducive environment for the businesses to flourish, said the Lt Governor.
Highlighting the unprecedented support being extended by the Government, the Lt Governor said that we are developing a progressive business regulatory environment; unleashing the productive energy of various growth sectors and nurturing young talented population to build one of the best human capitals to tap rapidly growing opportunities in the Union Territory.
Around 160 new initiatives and reforms have been introduced in a short period of time. Today, we have approximately 25,000 MSMEs, which are currently operational in the Union Territory and contribute almost 60% of the total investment and 90% of total employment in the Industrial sector, he added.
The Lt Governor assured the potential investors that the government will be a facilitator, partner, provider, collaborator and promoter at every step. We will ensure a sustainable, balanced, progressive and competitive business environment for traditional core sectors as well as new-age technology driven sectors, added the Lt Governor.
During the interaction, the Company’s representative raised the queries about opportunities in various sectors.
Bhatt and Aditi Phadnis expressed happiness over the rapid pace of development and industrialization process in the Union Territory of J&K.