Srinagar- The Jammu and Kashmir administration on Wednesday said it has received investment proposals worth over Rs 51,000 crore which have the potential to generate nearly 2.37 lakh employment opportunities.
The J&K administration in January last year 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, an official spokesman said.
The spokesman said the new policy, which will be applicable till 2037, also paved the way for bigger investors to invest in J&K.
These potential proposals are estimated to generate 2.37 lakh employments. It is a candid reflection of an alluring investment friendly environment in the union territory, the spokesman said adding that the clearance process of these proposals has already been fast tracked.
The new central sector scheme provides four types of incentives including capital investment incentive, capital interest subvention, Goods and Services Tax linked incentive and working capital interest subvention.
Moreover, in order to boost industrial development in UT, the government of J&K has also notified the J&K Industrial Policy, J&K Private Industrial Estate Development Policy and J&K Industrial Land Allotment Policy, the spokesman said.
Jammu and Kashmir had signed six agreements that will bring investments in the Union Territory’s real estate, infrastructure, tourism, healthcare and manpower employment sectors among others at Dubai Expo 2020, he said.
The spokesman said several UAE-based businesses signed Memoranda of Understanding (MOUs) with Jammu & Kashmir which included Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-commerce. One Letter of Intent (LOI) was signed with Magna Waves Private Limited, Emaar Group and Lulu International.
For economic empowerment of Jammu and Kashmir, a 36-member business delegation from the UAE visited Kashmir the valley to explore business opportunities.