Srinagar, Dec 19: In a remarkable development since the announcement of a new industrial policy in January 2021, Jammu and Kashmir has witnessed a surge in investment proposals, totaling an impressive Rs 88,915 crore.
As per the official document, it highlights the significant positive changes that followed the abrogation of Article 370, ushering in transformative governance, developmental activities, and enhanced security across the Union Territory.
According to the provided data, the Government of India, in 2021, introduced a Central Sector Scheme for Industrial Development in J&K with a substantial outlay of Rs. 28,400 crore. This initiative, coupled with proactive policy measures by the J&K government, has resulted in investment proposals totaling Rs 88,915 crore, promising a potential employment generation of over 3.98 lakh.
The document further reveals that the industrial sector has seen tangible growth, with an investment of Rs. 2153.45 crore realized during 2022-23. The ongoing financial year has already witnessed Rs. 2080 crore in investments up to October 2023.
The industrial sector’s upward trajectory is evident in the data, showcasing investments of 296.64 crore in 2019-20, 412.74 crore in 2020-21, and 376.75 crore in 2021-22. Moreover, the implementation of 53 projects under the Prime Minister’s Development Package-2015, spanning crucial sectors like Roads, Power, Health, Education, Tourism, Agriculture, and Skill Development, has seen notable progress, with 32 projects either completed or substantially completed.
Handloom and Handicraft Exports have seen a remarkable doubling from Rs. 563 crore in 2021-22 to Rs. 1116.37 crore in 2022-23. The Agriculture sector has witnessed a boost through the introduction of the “Holistic Agriculture Development Plan” with a budget of Rs. 5013 crore.
The document emphasizes the positive impact on the local economy and employment opportunities, citing a materialized investment of Rs. 5,319 crore since 2019 until October 2023.
The infrastructure landscape has been transformed by the upgradation of the Jammu-Srinagar National Highway, featuring the construction of an 8.45 Km long twin tube Qazigund-Banihal tunnel at an estimated cost of Rs. 3127 crore. This has significantly reduced travel time from Jammu to Srinagar, from 8-10 hours to 5-6 hours, thereby reducing logistic costs for goods and services to the valley.
The strides in air connectivity are evident with doubled air traffic to and from J&K since 2019, coupled with the provision of night landing facilities in Jammu and Srinagar.
