Business
Jammu And Kashmir's New Industrial Policy Attracts Over 5,300 Investment Proposals Worth Around Rs 66,000 Crore
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Jammu and Kashmir (J&K) has received a positive response from investors since the announcement of new industrial policy in 2021.
According to the information provided by the Central government in Parliament, a total of 5,327 investment proposals have been received so far in J&K, with an anticipated investment of Rs 66,000 crore, up from Rs 64,058 crore in December 2022.
"Out of 5,327 proposals received, land has been allotted in respect of 1854 units and 854 have paid the premium. 560 units have signed Lease deed and have taken over the possession of the land allotted. 129 units have started work on ground. In addition, 350 existing units have also come into production after announcement of New Industrial Policy, 2021," Union Minister of State for Home Affairs Nityanand Rai said in a written reply in Lok Sabha on Thursday (23 March).
Further, since the introduction of the J&K Industrial Policy in 2021, the UT has seen investments worth Rs 1924.64 crore, with Rs 1547.88 crore invested in the current financial year alone, the highest ever compared to any other previous financial years, the minister informed.
The J&K government has taken several steps, including the Business Reform Action Plan - Ease of Doing Business, development of new industrial estates, improvement of infrastructure, and the establishment of an Investor Facilitation Cell, to encourage investment and create employment opportunities for the youth.
With the implementation of the Business Reform Action Plan, the government has reduced 3188 burden compliances and provided 167 services of 18 departments on a single-window portal.
The BRAP score of J&K has improved from 0.30 per cent to 79.67 per cent, the minister said.
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