JAMMU, Mar 23: The Union Ministry of Home Affairs today said private investments in Jammu and Kashmir which were Rs 64058 crore in December 2022 have now gone up to Rs 66,000 crore while 129 units have started working on ground and 350 others have come into production after announcement of New Industrial Policy for the Union Territory.As per an official document, the Home Ministry said Jammu and Kashmir received a total of 5327 proposals and had allotted land in respect of 1854 units while 854 units have paid the premium.
“As many as 560 units have signed lease deed and taken over possession of the land allotted to them while 129 units have started working on ground. In addition, 250 existing units have also come into production after announcement of the New Industrial Policy,” the Home Ministry said.
It added that after the New Industrial Policy was announced, the Jammu and Kashmir Government received 5327 applications/investment proposal.
“The anticipated investment which was worth Rs 64058 crore in December 2022 has now touched Rs 66,000 crore,” the Home Ministry document said.
The document revealed that investment worth Rs 1924.64 crore (Rs 376.76 crore in 2021-22 and Rs 1547.88 crore in 2022-23; up to January 2023), has come on ground. The investment during current financial year (2022-23) is the highest ever compared to any other previous financial years.
It said the Government of Jammu and Kashmir has taken several measures to encourage investments and create employment opportunities for the youth coupled with income generation.
Some of these steps include Business Reforms Action Plan, Ease of Doing Business, Development of New Industrial Estates, Development of Basic Infrastructure including roads, power, water, drainage, sewerage treatment and handholding of investors to encourage investments.
“To boost the industrial growth, the Government is strategically working on implementation of Business Reform Action Plan–Ease of Doing Business (BRAP-EoDB). As many as 352 BRAP points have been compiled and 3188 burden compliances have been reduced under BRAP while 167 services of 18 departments have been provided on Single Window Portal,” the Union Home Ministry said, adding the BRAP score of Jammu and Kashmir has improved from 0.30 percent to 79.67 percent.
It said with a view to provide seamless services to the prospective investors, all the Government to Business Services have been brought on Single Window System for convenience of both the Government departments as well as investors.
“New Industrial Estates are being development and infrastructure is being improved,” the Home Ministry said.
It disclosed that an Investor Facilitation Cell is in place for necessary facilitation/awareness with the aim to connect the industries with global markets and further inviting investors to promote Jammu and Kashmir as an ideal investment destination.
It may be mentioned here that Jammu and Kashmir had received first Foreign Direct Investment when Lieutenant Governor Manoj Sinha laid foundation stone of Mall in Srinagar to be constructed by Dubai’s Emaar Group.
Official sources said that many more investments from abroad and within the country are expected to be launched in the coming few days.
In April last year, Prime Minister Narendra Modi had performed groundbreaking ceremony of Rs 38038 crore worth industrial investments in a mega rally held at village Palli in Samba district.
The investments, however, continued to flow with many investors showing keen interest in investing in Jammu and Kashmir.