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New J&K Industrial Policy: Investments worth Rs 23,000 cr locked

Last Updated on August 8, 2021 at 2:56 pm

Jammu and Kashmir administration has managed to attract stakeholders after a new industrial policy was notified four months ago. J&K has locked in investment projects worth Rs. 23000 crore.

Rs 11,000 crore investment would go to Kashmir division and Rs 12,000 crore will be invested in Jammu division.

Investment has been made by corporate houses, business families from outside J&K. Jindal Steel Works (JSW) is among the four major corporate investors which have been allotted land in the Union Territory. The other three corporates are from the telecom, cyberoptics, and hosiery sectors and investment commitments have come even from Japan and Dubai, reportedly.

Investors are interested in Kashmir in the sectors such as healthcare, wellness centres, tourism, apple and food processing, meat processing, BPOs and educational institutions and in Jammu region sectors such as food processing, beverages, and profile sheet industries. Some pharmaceutical companies are also moving from Himachal Pradesh to Jammu for availing incentives.

Ranjan Thakur, Principal Secretary, Industry and Commerce, said that the new J&K industrial policy has created a lot of interest in the corporate sector and added that projects worth Rs 23,000 crore have already been locked.

He further added that these projects are “not MoUs” as investors have already paid up the money for the land.

It is pertinent to mention that new industrial policy of J&K was announced by the Lieutenant Governor Manoj Sinha with the aim of making J&K a business hub. Also the policy aimed at creating employment opportunities and economic development. Various incentives, cheaper interest rates on loans and perks have been offered to investors by UT administration.