Srinagar, July 15: Industrial sector is set to bloom in Jammu and Kashmir as over 450 national and international companies have signed an MOUs to invest over Rs 25,000 crore in the Union Territory.
An official told news agency Kashmir Indepth News Service (KINS) that investors have shown willingness to invest in 18 sectors including education, health, agriculture, tourism, IT, handicrafts, food processing units, pharmaceuticals, skill development, milk, poultry and wool, infrastructure and real estate, herbal and medicine plant, film sector, renewable energy, and others.
“Over 450 companies have signed an MOU to invest Rs 25,000 crores in Jammu and Kashmir. Once these companies start their units in J&K, they will create huge job opportunities for unemployed youth here. However, the process for investing got delayed due to COVID-19. Some of the companies are waiting to improve in COVID situation so they could invest in J&K,” the official said.
“Thousands of Kashmiris get admission in educational institutions of Russia, Turkey, Iran, Bangladesh, UK, Bangalore, Delhi and Mumbai for various professional courses. Many people want to start various educational institutions here so J&K children don’t have to go outside for studies. Similarly once hospitals are set up, Kashmiris don’t have to go outside for treatment,” the official said.
Some of the major companies which recently showed interest to invest including Atmiya Fieldcon Pvt for setting up a hospital in J&K Rs 650 crore, HP Kapital for setting up a health care centre in J&K with an investment of Rs 2000 crore, R K Associate Hoteliers Rs 500 crore for establishing hotels, National Agriculture Cooperative Marketing Federation of India to invest Rs 1700 crore for high density plantation and cold storage clusters.
Other major companies that wanted to invest in J&K include Flipkart for showcasing and facilitating the local artisans and craftsmen to reach customers, an Abu Dhabi based company Lulu for food processing units, Reliance Ammunition Ltd, Jackson Group, Indo American Synergy, Krishna Hydro Projects Pvt Ltd, Universal Success Enterprises, Singapore, Indian School of Business, Bestech India Private Limited, LM Energy and Software Pvt Ltd, Intellizone Publishers Pvt Ltd, Servotel and Shree Cement Ltd.
The Jammu and Kashmir administration has announced a new industrial developmental scheme (IDS) with a total outlay of Rs 28,400 crore to encourage new investment and to take industrial development to the block level and far-flung areas of the Union territory.
Lieutenant Governor Manoj Sinha had said, “My objective is maximum utilization of industries, manufacturing, services sector, village industries, handicraft, tourism and technology to create more jobs in rural areas of Jammu & Kashmir because I believe there is vast yet untapped talent pool in our villages waiting for an opportunity.”
The Centre has also unveiled a new scheme to bring about radical transformation in the existing industrial ecosystem of J&K which will enable it to compete with other states/ UTs of the country. The scheme is for the duration of 2021-22 to 2036-37 with financial outlay of Rs. 28,400 crore.
The scheme aims to give fresh thrust to industry and services led development of J&K with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing one.