KV Network

Road to prosperity

Road to prosperity
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Jammu and Kashmir is among the few regions in the country that was missing on infrastructural development and other key requirements that are needed to provide better services not only to the local residents but others too who visit the place for recreation or to look for work opportunities.
The region lacks on high end hotels, playgrounds, stadiums, roads, rail and air connectivity and other key requirements that we need to showcase to the world to attract more and more tourists and other job seekers. Besides, other sectors like power, potable water and health facilities too had not developed to the extent where a level of satisfaction could have been achieved.
The region has remained away from the glare of investors as the previous regimes did not encourage private investments so that the pace of development could have accelerated and the infrastructural loopholes could have been filled.
Now that the time has passed and the clock cannot be reversed, the administration here was faced with an uphill task of inviting investors so that the ground level facilities would improve and the projects that are started also enhance job opportunity for the youth.
Keeping such factors in mind the administration announced the Jammu and Kashmir Industrial Policy 2021-30 which epitomizes the transition that J&K is undergoing. It symbolizes the thrust given to turn JK into a lucrative investment destination, keeping in view the unique socio-economic and environmental underpinnings of this Himalayan region.
The industrial landscape in the UT of JK is dominated by MSMEs as it contributes about 8% to the GSDP and employs the largest number of people in services and manufacturing sectors. Around 25000 MSMEs that are operational in the UT provide employment to around 90% of the industrial workforce.
This output vis-à-vis increasing the employability can be enhanced to a great extent as an outlay plan of 28,400 crores has been kept for utilization under the ‘New Central Scheme for Industrial Development of Jammu and Kashmir’ notified by Department for Promotion of Industry and Internal Trade (DPIIT), Government of India (GOI), in 2021.
The new policy will ensure progressive reforms like GST linked incentive, Capital Interest subvention and Working Capital Interest Incentive for the investors which will lead to a targeted investment worth more than 50,000 crores. This investment will ensure employment potential of 2.33 lakh besides a new turn of events that will help to create friendly and safe environs for investors to come here and invest in various projects.

The road to industrial empowerment and comprehensive progress in several indicators in Jammu and Kashmir is expected to present many challenges. However, with the overhaul of laws and rules, institutional support and competitive ecosystem being developed it is expected that the bottlenecks will be resolved.
Jammu and Kashmir in stark contrast with the economic isolation of the past, is very well poised to emerge as a regional and national investment cluster and that can happen only if locals offer their support and help in achieving the targets set for investments across varied sectors.

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