Press "Enter" to skip to content

J&K govt to launch Rs 28,400 cr scheme for creating 5 lakh jobs

Last Updated on April 12, 2021 at 9:40 am

The Jammu and Kashmir administration is planning to create more employment opportunities for youth through their recent Rs 28,400 crore Industrial Development Scheme.

The government is aiming to receive an investment of more than Rs 20,000 crore through the industrial development scheme. Officials say that it will create more jobs in J&K with less presence of corporate sector.

Young people in the region are greatly enthusiastic and full of optimism about recent steps taken by the government like ease of doing business and single window clearance. Centre for Monitoring Indian Economy (CMIE) has released a report mentioning that J&K has an unemployment rate of 9 percent which has come down to single digits after 10 months.

Lieutenant Governor Manoj Sinha said that the administration is working with all the stakeholders and they have developed the best Industrial scheme in comparison to other regions of the country. He said that this Rs 28,400 crore new industrial development scheme is also expected to attract a huge investment ranging from Rs 20,000-25,000 crore. Moreover, it will provide employment avenues and opportunities for about 5 lakh youth.

Unemployment rate in J&K has gone down from 16.1 percent in September 2020 to 9 percent in March 2021. Lieutenant Governor Manoj Sinha also praised youth for bringing this positive change.

He said that J&K UT has registered less unemployment rate than Delhi, Goa, Bihar, Himachal Pradesh, Jharkhand and Rajasthan. He was speaking in a day-long conference – “Education to Entrepreneurship” – at SKICC.

Centre for Monitoring Indian Economy (CMIE) notes that J&K has shown 14.2 percent unemployment rate till February 2021. The UT was performing one of the worst among states/union territories in India in terms of unemployment rate. In March, numbers took a dramatic change and came down to single digits.

The LG said that their administration is consistently working to promote robust and efficient digital network infrastructure in remote areas and they are committed to provide transparent financial services to people in the region. They are working to ensure that people who want to start their own business get easy credit irrespective of their location in rural or urban areas.

He pointed out that as regulatory environment and business ecosystem are improving consistently, economic growth and financial inclusion also doesn’t seem like a distant dream.