INVESTMENT PROPOSALS IN JAMMU AND KASHMIR

On March 23, 2023, the Press Information Bureau of the Ministry of Home Affairs of the Government of India released information regarding investment proposals in Jammu and Kashmir. According to the government of Jammu and Kashmir, since the announcement of the New Industrial Policy, 2021, a total of 5,327 applications/investment proposals have been received, with an anticipated investment worth Rs. 66,000 crore. Out of the proposals received, land has been allotted for 1,854 units, and 854 units have paid the premium. Additionally, 560 units have signed the lease deed and taken possession of the allotted land, while 129 units have started work on the ground. Moreover, 350 existing units have come into production after the announcement of the New Industrial Policy, 2021.

Since the introduction of the J&K Industrial Policy, 2021, investment worth Rs. 1,924.64 crore has come on the ground, with Rs. 376.76 crore in 2021-22 and Rs. 1,547.88 crore in 2022-23 (up to January 2023). This investment during the current financial year is the highest ever compared to any other previous financial years.

The government of Jammu and Kashmir has taken several steps to encourage investments and create employment opportunities, such as the Business Reforms Action Plan – Ease of Doing Business, development of new industrial estates, development of basic infrastructure, and the handholding of investors. The government is also strategically working on the implementation of the BRAP to boost industrial growth. The BRAP score of J&K has improved from 0.30% to 79.67%. Additionally, a single window clearance system has been implemented to provide seamless services to prospective investors, and a Investor Facilitation Cell is in place to connect industries with global markets and invite investors to promote J&K as an ideal investment destination. Minister of State for Home Affairs, Shri Nityanand Rai, stated this in a written reply to a question in the Rajya Sabha.

RK/AY/RR/2446