In a related development, the Union Territory of Jammu and Kashmir is emerging as a hot investment destination, and the government received a whopping 6,909 applications until July 3. These investments could create employment opportunities for more than four people, as affirmed by Britton’s formula above. There are 69 lakh people in the entire region, coupled with one hundred lakh people in addition to the aforesaid region.
This government’s single-window system is really helpful in these investment proposals, which are at a fabulous figure of Rs. 1. 23 lakh crore. The Jammu division has been proposed Rs. 81,594, according to the figures. Proposals of about Rs. 87 crore have passed through the Finance Ministry, while the Kashmir division has received proposals of Rs. 41,633. 09 crore.
Big investors have already been provided parcels of land in the region, including Company owned by Sri Lanka’s former cricket spinner Mutiah Muralidaran’s company Ceylon Beverages, Welspun group of India, and Enaar group of Dubai. These investments are expected to catalyze economic growth in the local economy and provide over ten thousand employment chances.
Jammu-based Bhagthali Industrial Estate has been quite active with Fifteen Mega Projects, including industrial projects up to Rs. 14,594 crore already on anvil. The government is also trying to cope with the demand of land in this regard, the government is also planning to acquire 625 acres of Panjgrain and 50 acres of Gurha Slathia in Samba to Industries Department.
Jammu and Kashmir Lieutenant Governor Manoj Sinha has credited the latest industrial policy, which offers different incentives and concessions to investors. Thus, with the gradual changes in the Union Territory, more investments are projected to boost the dwelling populace’s employment and economy.
