Investment proposals are welcome
As the uncertainties in Jammu and Kashmir are settling down various talks about the investments being made here have rekindled hope that the industrial sector will witness boom and progress which has otherwise eluded this core sector of the economy.
Jammu and Kashmir is one of the least industrialized zones of the country with the infrastructure failing all such initiatives that were taken earlier to provide an impetus to the growth of industrial sector here. Now that fresh investments proposals in the Union Territory are expected to reach Rs 35,000 crore by December 2021, a new hope has dawned over the prospect of turning Jammu and Kashmir into a developed economic region.
The investment proposals have come after key reforms and steps have been ensured for managing the UT’s economy during COVID-19, its growth potential and focus areas, besides putting across issues that require consideration by the Union government.
The investment in J&K is expected to reach Rs 35,000 crore by December 2021 and proposals for Rs 25,000 crore have already been received. For ensuring hassle free progress on these proposals the government has approved land proposals worth Rs 1,700 crore out of 6,000 acres of land has been earmarked for the development of industrial estates as 3,000 acres have already been identified.
Tourism is a key sector in Jammu and Kashmir and the proposals for this sector deserve a priority. In-fact, the Tourism Policy 2020 has been notified by the administration here to boost the sector.
Presently, tourism has been witnessing a revival as the tourist footfall has increased manifold in the UT during winter months. From 1,935 tourists in June 2020, the number has increased to 12,82,572 in September 2021.
Moreover, some key sectors of the economy too are showing some revival with tax collection witnessing a robust recovery. The the tax collection has shown significant growth and resilience and the UT is expecting to achieve the targets of the GST and excise collection over the remaining period of the year.
Presently, 14 sectors have been identified for investment at a large scale with special focus on tourism and employment. Besides, the promotion for agricultural and horticulture products, revival of handicraft and traditional art in J&K, development of heritage sites and enhancing pilgrimage tourism, and sports infrastructure improvement, among others, are on the priorities list which will offer a further boom to the investment proposals that are scheduled to make their way into Jammu and Kashmir.
Notably, a holistic package of Rs 1,353 crore was announced during last year for inclusive growth by which 3.44 lakh account of borrowers involving Rs 750 crore were benefitted by an interest subvention of 5 per cent under business revival.
These steps have revived the confidence among the business community here which will go a long way in ensuring that the conducive climate for investment is carved out and a new foundation is laid for the economic growth of the region.
KV Network
