“Development, expansion of new industrial estates, promotion of ease of doing business and creation of export hubs will receive a significant push in the budget earmarked for 2023-24 fiscal”.
This year’s budget elaborates that the Jammu and Kashmir government has identified 29 projects for development of new Industrial Estates during 2023-24.
The investment proposals for setting up of Medicities in Jammu and Srinagar had been received for creation of health infrastructure in private sector. In this regard, Medicities at Sempora, Srinagar and Meeran Sahib, Jammu are being established to provide better healthcare facilities to the ailing.
The main aim of “One District One Product” is to promote local product for export. In this regard, Jammu and Srinagar districts have been selected among the 75 districts across India for export of local products.
Similarly, 1500 units under Jammu and Kashmir Rural Employment Generation Programme (REGP) are being targeted to be established in 2023-24 involving a margin money of Rs 30 crore with employment to 9000 persons.
The Budget has a provision of conducting exhibitions for showcasing industrial potential of the region besides organizing workshops on capacity building and start-up promotion. The budget has also earmarked funds for providing of Turnover Incentives to boost industrial development for entailing increase in employment.
Introduction of quality certification with branding under Handloom and Handicraft sector will also be done in 2023-24 and steps will be taken for popularization of local products.
Significantly, Jammu and Kashmir government has already taken a slew of measures towards promotion of ease of doing business in the UT which has received tremendous response from various potential investors. Besides, further steps are being taken up for reducing compliances on “Ease of Living” and “Ease of Doing Business”.
The Budget will also facilitate conduct of mock drills to be carried out across the Union Territory. Besides, Micro, Small and Medium Enterprises (MSME) development policy would also be notified.
Similarly, Samadhaan 2.0 would be implemented this year and the government would facilitate tie-up of MSME with e-commerce platforms to boost sales of products of local units. Jammu and Kashmir would also introduce Policy framework to support private investment besides implementation of unified logistic interface platform.
To facilitate export of local products to international markets, export hubs will be created under this year’s budget. The government is also encouraging officers to give an active push to exports, marketing promotion programmes for handicrafts focusing global market, development of industrial estate connected to significant economic nodes to maintain the momentum of growth.
The Budget has also kept a provision for adoption of plug and play model for key development sectors including manufacturing sector.
Notably, handicraft and handloom sector of the Union Territory has recorded an unprecedented growth in the last three months and registered Rs 729 crore worth exports despite instability in the global market.
Under the guidance of Prime Minister, Narendra Modi, Jammu and Kashmir has set a new record in establishment of village industrial units. In the last financial year, 1.73 lakh new jobs were generated under PMEGP (PM’s Employment Generation Programme) alone.
