Srinagar- Jammu and Kashmir is witnessing biggest industrial revolution in the history of UT as private investment proposals worth Rs. 66,000 crore have been received within a period of around one year as well as 1455 industrial units have also started their operations, an official spokesperson said Wednesday.
He said these remarkable developments have opened up doors of immense possibilities for the new generation as promised by Lieutenant Governors Administration.
“The existing industrial landscape is being transformed into a futuristic, profitable and sustainable ecosystem, leading to livelihood generation, better education, skill development and better quality of life,” he added
From job creation to entrepreneurship, the spokesperson said, the Government is going to make J&K a model of Industry 4.0, the Fourth Industrial Revolution. Government is working tirelessly on promoting institutional readiness, increasing entrepreneurship and attracting investments. He said that the multiplier effect of industrial transformation will be felt across the entire length and breadth of the UT.
“New Industrial Development Scheme, with an outlay of Rs. 28,400 Crore, has been approved by the Government of India for encouraging investment in manufacturing and service sectors in J&K, which has started helping in stepping up economic development in Jammu & Kashmir,” he said.
“This is the dawn of new era for the growth, development and overall well-being of the people of J&K. Barriers to commerce and trade have also been removed. The people of J&K can now fully enjoy the rights and benefits enjoyed by all other citizens of India rather than just a limited set of rights and benefits,” he added.
The spokesperson said that J&K is on a mission to renovate, reinvent, and ready to take a quantum leap to become the fastest-growing region in the country, pushing the targets for economic growth and employment. He said that the aim of J&K Administration is to deepen the trust with the business conglomerate, build the industrial base and strengthen the socio-economic stability.
“With the consistent efforts of J&K Administration, Jammu and Kashmir is emerging as one of the best destinations in the country for setting up new businesses as of now with the best incentives and improved infrastructure facilities,” he added.
Moreover, the spokesperson said, J&K Government is fulfilling all the crucial requirements of the industries including the transparent policy of land allotment, private industrial estate development, ensuring ease of doing business, besides the administration has actively worked with solutions approach and introduced various initiatives and reforms in a short period of time.
“Notably, the Industrial Scheme for J&K is giving a boost to domestic manufacturing in the region and helps J&K in becoming Aatma Nirbhar. The Scheme is encouraging new investment, substantial expansion and also nurturing the existing industries in J&K. The administration is also ensuring that the implementation of the new scheme is done in a manner which is friendly and hassle free to the investors and entrepreneurs from within J&K and outside find a smooth and progressive ecosystem for their business plans,” he added.