Boost To J&K’s Economic Growth: UT Administration Signs MoUs Worth Over Rs 2,100 Crore At Investment Summit In Mumbai

The Jammu and Kashmir (J&K) administration on Friday (21 February) signed memorandums of understanding (MoUs) worth over Rs 2,100 crore with businesses at an investment summit in Mumbai, reports Economic Times.

According to the report, the newly-created UT has sought around Rs 50,000 crore investment from business houses in 14 sectors.

Of the total investment sought by J&K government, 55 per cent has been sought in tourism and hospitality, renewable energy, agri-horticulture and food processing while the remaining is in textiles, manufacturing, healthcare, entertainment and education.

The UT administration under its investment facilitation policy is offering land parcels of 250-300 acres in each of its district. It also proposes to revive cinema halls shut for decades and create multiplexes and other entertainment zones.

“We want to maximize industrial growth and employment opportunities in J&K. For this we are engaging in six city roadshows,” J&K’s principal secretary (planning, development and monitoring) Rohit Kansal was quoted in the report as saying.

“The (remaining) roadshows will (be in) Hyderabad, Chennai and Ahmedabad.”

Kansal said the UT has signed around Rs 2,000 crore worth of non-binding MoUs in Kolkata, Rs 850 crore in Bengaluru and over Rs 2,100 crore in Mumbai.

The MoUs signed in Mumbai include a Rs 1,000 crore proposal to set up business township and similar infrastructure, a Rs 300-crore plan for poultry, agriculture and food processing, and a Rs 150-crore financial services proposal.

The UT is also set to hold a global investors’ summit in Srinagar and Jammu, officials said.