The fruits of business investments
28/11/2022
The special status of the erstwhile state of Jammu and Kashmir was revoked with the abrogation of Article 370 of the Constitution on August 5, 2019 and it was divided into two union territories -- Jammu and Kashmir, and Ladakh. Till now, the erstwhile state has received investment proposals worth Rs 56,867 crore and this is expected to generate more than 2.62 lakh jobs for the youth in the coming times, said the officer who did not wish to be named. The fruits of business investments and industries brought into Jammu and Kashmir after 2019 will be visible by the next year, even as the administration is working to achieve a target of securing investments worth Rs 75,000 crore. The Union Territory of J&K has also attracted a lot of interest from foreign investors and this can be pegged at about Rs 3,000 crore.
Jammu and Kashmir is a "good package" as it offers natural advantages in terms of resources and logistics, and this cannot be matched by many other states or union territories. The results will be visible in another year and about 500 industries will start by the next month itself. The union territory administration has processed and allotted land to 1,600 investors. Out of these, 800 investors have deposited the requisite funds with the government and 110 have even started work. Two main challenges faced by the current administration are "fighting the narrative war and ensuring speed of development works. After some recent incidents of civilian killings, it was said that Jammu and Kashmir was returning to the 1990s -- when militancy was at its peak in the Valley. However, no one sees that incidents of stone pelting and civilian casualties during law and order events are "absolutely nil". Earlier (before 2019), one-third of the productive time was lost to bandhs and protest calls but that is not the case now, he said, adding that over the last two years, not a single day has been lost due to these reasons. The people of J&K are extremely warm towards tourists and investors. We are moving to a more and more normal situation and a predictable environment in J&K. We hope that new industries coming up here will provide about 2.5 lakh jobs, while the agriculture sector, will also generate an equal number of new jobs.
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