Srinagar, Mar 11: Jammu and Kashmir’s industrial sector is set to undergo a significant expansion with the development of 46 new industrial estates, supplementing the existing 64, as part of the government’s ambitious ‘Made in Jammu and Kashmir’ initiative.
The initiative aims to attract investment and promote local entrepreneurship, with investment proposals worth Rs. 90,182 crore received so far. These developments have the potential to generate employment for over 4 lakh youth in the region. Additionally, efforts are underway to finalize a Start-up policy for the fiscal year 2023-24, while the implementation of the Karkhandar Scheme seeks to provide a fresh impetus to the craft industry in the region.
Jammu and Kashmir is witnessing an unprecedented surge in investments and industrial growth, shaping a new economic landscape for the Union Territory. According to the latest data released by the Union Ministry of Home Affairs, J&K has received over 6,000 investment proposals worth a staggering Rs 90,182 crore so far.
In a major boost to its industrial sector, the UT administration is developing 46 new industrial estates in addition to the existing 64, to achieve the ‘Made in Jammu and Kashmir’ goal. These new industrial hubs have the potential to generate employment opportunities for a staggering 4,01,965 youth in the J&K.
Furthermore, the ‘Karkhandar Scheme’ is being implemented to revitalize the craft industry, a vital sector that has long been a part of J&K’s cultural heritage.
Experts attribute this surge in investments to the changing perceptions about J&K’s business environment after the abrogation of Article 370. The UT administration has introduced several reforms to facilitate ease of doing business and attract companies across sectors such as food processing, pharmaceuticals, tourism, infrastructure, and manufacturing.
A senior government official said that “with rapid progress in connectivity and infrastructure projects underway, Jammu and Kashmir is poised to become a favoured investment destination. The massive employment opportunities to be created through these new industries will significantly benefit the local youth, aligning with the Narendra Modi government’s vision of development and economic prosperity in the Union Territory.”
People from all walks of life have welcomed this unprecedented growth in investments and new projects in J&K over the past two years, marking a new era of progress and prosperity for the region.
