J&K emerging as top investment destination in country: Administration

Srinagar : Investment projects worth Rs 10,000 crore are under execution in Jammu and Kashmir while proposals to the tune of Rs 60,000 crore are being processed, which reflects the successful campaign of the Union Territory government to attract investors, an official said.
“Since Independence, Jammu and Kashmir had received private investments to the tune of Rs 14,000 crore only. However, after introduction of new Industrial Development Scheme and personal interest taken by Union Home Minister Amit Shah, the UT has received investment proposals worth Rs 56,000 crore in just about one year time,” the official spokesman said on Sunday.
The spokesman said there is huge rush of investments in Jammu and Kashmir by private players from the country as well as abroad. Several builders have also shown keen interest in investments here during a real estate summit.
“Jammu and Kashmir is set to become the top investment destination in the country as it races up to various infrastructure projects and is reaching out to foreign and domestic investors through several forums and industrial summits,” he added.
The administration has also received dozens of proposals for establishing healthcare projects in the two medi-cities of the Union Territory.
These include Dubai-based businesses like EMAAR Group, Noon.com, Al Maya Group, GL Employment, MATU Investments and others.
“Jammu and Kashmir has a huge potential to emerge as a powerhouse of prosperity with the progressive industrial policy which has brought investment of almost four times in just three years compared to what was received in last 72 years. The golden period of industrial development of Jammu and Kashmir has been ushered in through the new Industrial Development Policy of the Prime Minister,” he added.
The spokesman further said the days of struggle for entrepreneurs are over and youngsters who desire to establish their own ventures are supported by the government through various schemes and provided all possible assistance to chase their dreams.
“In ‘Naya’ (new) J&K, the investment ecosystem has changed a lot after abrogation of Article 370 and thousands of budding entrepreneurs are setting up their own units and are emerging as role models,” he said.
New industrial estates are coming up and during the past two years, more than 3,300 applications have been approved, with letter of intent issued in favour of 1,879 applicants.
Lease deeds have been executed in favour of 260 applicants while 1,230 acres of land have so far been allotted to prospective unit holders. These unit holders have in turn deposited a sum of Rs 217 crore into the government exchequer as their lease dues, he added.