J&K's New Industrial Policy ropes in ₹2,200 crore investment, 10,000 jobs in one year
The New Industrial Policy (NIP) 2021 came into effect in Jammu and Kashmir on April 1, 2022 helped the territory in bringing ₹2,200 crore investment and 10,000 jobs in one year
PremiumAfter a long time, Jammu and Kashmir received investments worth about ₹2200 crore and generated more than 10,000 jobs in one year under its New Industrial Policy 2021.
As per the data revealed by the New Industrial Policy officials, a total of 5327 investment proposals have been received for J&K. The investment amount of all these proposals stands at ₹66,000 crore. The last time when the region received such a massive investment was in 1947.
In the current financial year, there are expectations for the regional industrial units to fetch an investment of over ₹5,500 crore and an ample number of job opportunities.
1854 industrial units allotted land in J&K in one year
The data says that from 2022 onwards, the J&K Industries department has allotted land to 1854 units of which 854 have paid the premium. Out of the total number of units allotted with land, 560 have already started paying their premium, reported ANI.
The NIP has a spending outlay of ₹28,400 crore ( ₹284 billion), the largest incentive to date, on the industrial development of Jammu and Kashmir for the next 15 years. The incentive is expected to generate an investment of ₹20,000 crore and generate 4.5 lakhs of employment over the planned period.
The plan aims to transform J&K in terms of local resources, presence of industry, skills, and talent. To ensure a large amount of investment, the government has taken many steps like providing 167 services of 18 departments on a single window portal. Several government initiatives like the Business Reform Action Plan, and Ease of Doing Business have led to the compiling of 352 BRAP points. This has reduced 3188 burden compliance.
Foreign Direct Investment in Jammu and Kashmir
After the launch of the policy, J&K received its Foreign Direct Investments with the participation of corporate players like Dubai's Emaar Group. Commercial spaces and markets are also flourishing in the region.
Article 370 was a major block in the development of J&K, which was boosted after its abrogation. The official statement issued by the Industrial policy department highlighted the opportunity of opening up new avenues in the region. The statement termed the young population of J&K as ‘Naya Jammu and Kashmir’, which is ready to take on all opportunities for development.
(With inputs from ANI)
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