The Government is working hard to invite new investments into J&K post-Article 370. It has received 4,226 investment proposals worth Rs 47,441 crore for land allotment for industrial units in Jammu and Kashmir.
These proposals are estimated to generate employment for 1.97 lakh persons. The clearance process of these proposals has also been fast-tracked. The Government has already finalized investment proposals worth Rs 27,000 crore for which land has been allotted and work started.
Last year, the Union Territory administration announced a new industrial developmental scheme with an outlay of Rs 28,400 crore to encourage new investment and take industrial development to the block level. The new policy, which is applicable till 2037, has also paved the way for foreigners to invest in the region.
A total of Rs 150 crore has been provisioned for the development of new industrial estates in 2022-23, and the Government aims at generating employment for around 4.5 lakh people under the new policy. After the abrogation of Article 370, six agreements with global investors were signed at Expo 2020 Dubai for investment in real estate, infrastructure, tourism, healthcare, manpower employment sector among others.
Recently, Srinagar hosted the Gulf Countries’ Investment Summit at the Sher-e-Kashmir International Conference Centre (SKICC) on the banks of Dal Lake. The event was attended by top-notch businessmen from the Gulf Countries and Hong Kong. Women entrepreneurs, start-up representatives, and exporters were also among the participants.
While inviting ‘outsiders’ to set shop in J&K, all possible help is being provided to the local youth to set up business ventures and become entrepreneurs. From sports to education opportunities are being provided in every field. In this year’s Budget, Rs 200 crore has been allocated to provide financial assistance to young aspiring entrepreneurs of J&K.
The Budget 2022-23 for J&K contains a bundle of opportunities for enhanced growth and development of every sector. The Government has allocated a whopping Rs 391.90 crore for animal and sheep husbandry and fisheries sectors, which will be instrumental in transforming the rural economy of Jammu & Kashmir.
In a major push toward the animal husbandry sector, 2,000 dairy units will be established creating direct employment for around 5,000 people from 2022-to 23. Private entrepreneurs will also be extended support in the form of bulk milk coolers, milk processing/paneer-making machines, marketing facilities which include milk ATMs and milk transportation vans, milking machines, and dairy farm waste management with a focus to cover women entrepreneurs and other reserved category beneficiaries as well.
Several Kashmir watchers opine that the latest Budget for J&K, approving a mammoth outlay of Rs. 1.42 lakh crore for FY 2022-23 with several new development initiatives, could be a matter of envy for those living on the other side of the border, in Pakistan-occupied Kashmir.
The Modi Government has not only delivered fast-paced development in the region but also institutionalized democracy and decentralization through Panchayati Raj in Jammu and Kashmir to ensure greater engagement of the people in the process of building a new Kashmir.