The Biz Reporter
Srinagar, Mar 22 : The union territory of Jammu and Kashmir has received its first leg of foreign direct investment (FDI) worth Rs 500 crore. The UAE-based Emaar Group, the developer of the Burj Khalifa, marked its entry into J&K by announcing a shopping mall and two IT Towers.
J&K Lieutenant Governor Manoj Sinha performed the ‘Bhumi Pujan’ (prayer ceremony)’ for the 10-lakh-square-foot mega-mall, “Mall of Srinagar”, and an IT tower at Sempora on the outskirts of Srinagar and an IT tower in Jammu.
“We had a successful meeting with the UAE delegation, and this opens the scope for more such investments in the future. We are expecting more than Rs 75,000 crore in investment in the state in the months to come. We are expecting more Middle Eastern countries to pitch for projects, and we have also made compliance easier by allowing investors to receive their share of land within three days, which is unlikely in any other region of India,” LG Manoj Sinha shared with Business Today Television.
The government said it had invited the CEOs, most of whom were from the real estate, hospitality, development, food processing, and agriculture sectors to allay their concerns over the situation in J&K by offering them a “first-hand” experience.
This foreign investors’ meet was also attended by members of the UAE-India Business Council (UIBC), the official joint business chamber set up to promote economic synergy between India and the UAE.
Emaar was part of a group of around 36 CEOs from Gulf Cooperation Council (GCC) countries, including Saudi Arabia, that visited Kashmir last year to explore investment opportunities.
The government is looking for investments in key sectors like agriculture, the food industry, education, etc. “Our strategy is to maintain sustainable development and the interest of the investor, not just because of the tax incentives,” said Arun Kumar Mehta, Chief Secretary, J&K.
He also shared that, earlier, policies in J&K discouraged investments, which harmed the growth of the economy, but now the change is evident, and J&K, with its tourism and entrepreneurship initiatives, has turned out to have the fastest-growing economy.
He also shared that J&K’s GST collections are better than the national average and that tourism is setting new records in the UT.
The government of J&K is hopeful of further economic development through upcoming projects and increased tourism. LG Manoj Sinha, while addressing a group of investors yesterday, shared that peace was now prevailing in J&K and the days of hartals had become history.
“We have broadened the economic and social base of development and are offering the best incentives across the UT: land for industries, skilled labour, technical support, market connectivity, national and international air cargo facilities, raw materials, the cheapest power, the lowest crime rate, single window clearance, and ease of doing business,” the LG said.
“Rs 1 lakh crore worth highways and tunnels projects are going on in J&K. Kashmir will be connected to Kanyakumari this year. Flight operations in both Srinagar and Jammu airports have increased, and international flight connectivity has been strengthened,” he added.
The government is likely to host another investor meeting in the months to come and may announce another Bhumi Pujan at the end of April for the IT Tower in Jammu, learns Business Today Television.
