SRINAGAR, FEB 7: The Central government on Wednesday informed Lok Sabha that an investment of over Rs 5,600 crore has been made across various sectors in Jammu and Kashmir since the abrogation of Article 370 in 2019.
In a written reply, Minister of State for Home Affairs Nityanand Rai stated that the government notified the New Central Sector Scheme for Industrial Development of J&K on 19/02/2021 to attract investors and boost capital investments in the Union Territory.
This scheme has been supplemented by several policies and initiatives like the J&K Industrial Policy 2021-30, J&K Private Industrial Estate Development Policy 2021-30, J&K Single Window Rules 2021, and Turnover Incentive Scheme 2021 among others.
The Minister highlighted that these measures have led to a total investment of Rs 5,626.91 crore in J&K from August 2019 till December 2022 across sectors like hospitality, healthcare, education, infrastructure, electricity, and renewables.
The abrogation of Article 370 in August 2019 and J&K’s transition into a Union Territory has paved the way for rapid development and inflow of investments in the region.
The government has taken several steps like easing license rules, providing subsidies and tax incentives to boost industrial growth and employment opportunities in J&K.
Experts believe that the investment-friendly policies post Article 370 abrogation have renewed corporate interest in J&K. With improving connectivity and law & order situation, investments are likely to accelerate further in the coming years.
