SRINAGAR: Jammu and Kashmir has come long way in establishing investment ecosystem in last more than one year. A multi-pronged plan has been put in place to transform Kashmir into an investment hub in North India.
In recently released BRAP 2020 report by Union Finance Minister, Nirmala Sitharaman on 30th June 2022, Jammu and Kashmir has been listed in Emerging Business Ecosystems (EBEs) category along with Bihar, Chandigarh, Delhi, Manipur, Meghalaya, Nagaland, Tripura, Puducherry, among others. The assessment for BRAP 2020 does not reflect the true picture as on ground today since the rankings are for reforms taken in 2020 during which the UT was initiating the process of industrialization after the historic administrative changes in August 2019.
J&K Governments investment initiatives like investment promotion, transparent and robust land allotment process , best in class incentives, Single Window System for smooth clearances with dedicated teams to attend to investor has led to strong impetus for investment across various sectors. There has been a fundamental shift in the policy as well as the implementation.
UT has come a long way in creating an enabling and entrepreneurial-friendly environment that will facilitate the sustainable growth and development of industrial enterprises.
Jammu and Kashmir is in fact poised on the cusp of a massive economic push with record investment proposals worth Rs 55,000 crore under consideration. More than 215 services are being provided online with UT of J&K becoming first UT to be integrated with National Single Window System.
With a robust single window system in place, more than 215 services online, 1977 burdensome compliances reduced and 1100+ more to be reduced by 15 Aug 2022, J&K is all set for a quantum leap in proposed BRAP 2022 reforms under DPIIT expected to be released by February 2023.
