J&K working on proposals from industry worth ₹86,000 crore: Manoj Sinha

New Delhi: The lieutenant governor of Jammu & Kashmir, Manoj Sinha, on Tuesday announced that the union territory has secured business proposals in the industry sector worth over ₹86,000 crore, with concerted efforts in progress to bring these plans to reality.

Speaking at an Engineering Export Promotion Council event, Sinha highlighted the secure business climate in the region and called for new investments. He said that the United Arab Emirates' Emaar Group's intent to build a shopping mall and an IT tower in Srinagar.

Sinha pointed to the union territory's robust agriculture sector, noting its position as a major producer and exporter of apples, cherries, and walnuts. 

He invited industry players to capitalize on the myriad opportunities across various sectors, citing more attractive incentives than other states, including reduced power tariffs, capital investment benefits, and interest subvention.

J&K has a growing industrial base with 51 industrial estates at present and many more are in the process of being developed, he said.

Sinha also said that tourist inflow has increased and is expected to reach over 2.25 crore this year, as against 1.88 crore last year.

The Centre through the unique ‘Atmanirbhar Bharat Abhiyaan’ has played a significant role in scaling up export of engineering goods, said Arun Kumar Garodia, chairman, Engineering Export Promotion Council.

Timely measures helped engineering exports cross $100 billion for the first time in FY22 after a steep fall to $75.3 billion and $76.7 billion respectively in 2019-20 and 2020-21 from a previously all-time high shipment of $81 billion in 2018-19, Garodia said.