J&K’s Industrial Drive Creates Hope and Prosperity; Attracts Rs 66,000 Crore Investments under the New Industrial Policy
10-06-2023 : In a historic move on April 1, 2022, Jammu and Kashmir adopted the New Industrial Policy (NIP) 2021, marking a significant milestone for the Union Territory. This policy has had a profound local impact, transforming J&K into an attractive destination for investments. Notably, this is the first time since 1947 that investments exceeding Rs 2200 crore have been made in J&K within a single calendar year. The creation of new business units during the Financial Year 2022–23 has resulted in over 10,000 young people finding employment opportunities.
Under the New Industrial Policy, officials have received 5327 investment offers, projecting an estimated investment of approximately Rs 66,000 crore in Jammu and Kashmir over the coming years. Industrial projects with investments surpassing Rs 5500 crore have already commenced in the financial year 2023–2024, promising further growth. As a result, numerous young individuals will have expanded employment prospects due to these business ventures.
Since 2022, the J&K Industries Department has allocated land to 1854 units, with 854 units having paid the premium. Additionally, 560 units have executed lease agreements and taken possession of the allotted land, as required by the NIP.
The New Industrial Policy allocates a substantial budget of Rs 28,400 crore, making it the largest-ever incentive for the industrial development of Jammu and Kashmir over the next 15 years. It is expected to attract an investment of Rs 20,000 crore and create 4.5 lakh new job opportunities during its implementation. This policy serves as a cornerstone for promoting the industrialization of the Union Territory and represents a pioneering initiative in block-level development.
The policy was designed to fulfill the aspirations of the people of Jammu and Kashmir, aiming to usher in a new era of socioeconomic growth. With a strong emphasis on meeting the demands of business owners, the policy distinguishes itself from its predecessors. To facilitate investors, the government has implemented several initiatives, including a single-window portal offering 167 services from 18 departments. Efforts have also been made to establish new industrial estates and enhance existing infrastructure. Through initiatives such as the Business Reform Action Plan and Ease of Doing Business, compliance burdens have been reduced by 3188, resulting in the compilation of 352 BRAP points.
Furthermore, Jammu and Kashmir has undergone a significant transformation since the repeal of Article 370 three years ago, evolving into a bustling hub for business. For the first time in 70 years, the region has attracted foreign direct investments, with prominent multinational companies like Dubai’s Emaar Group constructing a mall in Srinagar. Showrooms for both domestic and international businesses, such as Trendz and Paras Group, are already operational in J&K, further contributing to its economic growth.
