J&K goes from “terrorist hub” to shopping mall; investment proposals worth Rs 10,000 cr being executed

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Srinagar Oct 08 IANS: Investment projects worth Rs 10,000 crore are being implemented in Jammu and Kashmir and proposals worth Rs 50,000 crore are being processed. The one-stop customs clearance system has changed the very concept of trade in the Himalayan region.

Gone are the days when budding entrepreneurs had to run from office to office to get no-objection certificates and other clearances from different departments to get their projects off the ground.

In “Naya Jammu and Kashmir”, young people who want to start any business are shown the way and given all the help they can get to pursue their dreams.

After August 5, 2019, when the Center announced its decision to repeal J&K’s special status and split it into two union territories, J&K youth transitioned from job seekers to employers. They are no longer chasing government jobs. Either they are absorbed by the private sector or they start their own business.

In 2 years, the government approves 3,300 requests

New industrial areas are emerging allowing entrepreneurs to set up their units. Over the past two years, over 3,300 applications have been approved with Letters of Intent issued to 1,879 applicants and Lease Deeds signed to 260 applicants.

In 111 industrial areas, 9,869 land channels have so far been allocated to future unit owners. These unit holders in turn deposited a sum of Rs 217 crore into the Treasury as rental fees.

The investment climate in J&K has changed and helped thousands of budding entrepreneurs bring their ideas to life. These are the same young people who until 2019 had no idea what the future held for them. They lead from the front and become role models.

Investments pouring in from outside J&K have made the industrial sector of Jammu and Kashmir vibrant.

The revocation of Section 370 ended all provisions that prevented foreigners from buying real estate in the Himalayan region. The incentives offered to investors attract large companies to Jammu and Kashmir.

Corporate houses are eyeing J&K

For the first time in 70 years, J&K is considered a business destination by top corporations. Until 2019, no one wanted to invest even a single penny in J&K as it faced an uncertain security situation. However, the situation has changed and many people are exploring J&K as a potential location for their businesses.

Former leaders deprived J&K of all benefits for the past seven decades. Under the guise of Section 370, they reaped the rewards of power and kept everyone including business houses out of the Himalayan region. They are exposed because the people have realized that their so-called leaders have failed to create avenues for them and have only fed them with slogans.

An ordinary man from J&K understood that Section 370 was nothing but an obstacle that did not allow the Himalayan region to thrive.

New business proposals worth Rs 20,000 cr

According to the officials, the J&K government received new investment proposals worth Rs 20,000 crore from April 2022 to August 2022. These proposals would be approved upon establishment of the new “Land Bank”.

The “Land Bank” established by the government on 25,000 channels of state land for industrial investment is nearly exhausted as the response from domestic and international investors has been encouraging.

The government has just acquired new land. It will be awarded after appropriate development. Tenders for its development have been launched. Water and electricity connections are being installed so that investors do not have any difficulty in setting up their homes.

Apart from setting up industries, twenty proposals have been approved for setting up Medi-Cities in Jammu and Kashmir at a cost of Rs 4,400 crore. Medi-Cities will include private hospitals, medical schools, etc. and MBBS seats in Jammu and Kashmir would increase by 900.

From 1947 to 2019, private investment amounted to Rs 15,000 crore

From 1947 to 2019, private investment in J&K amounted to Rs 15,000 crore, but in the last two years it reached Rs 60,000 crore and all are expected to increase in the coming months.

To make the industrial sector more dynamic, the government has started to develop private industrial zones and the response to this initiative has been very positive. For the development of private industrial zones, a land of five acres is required while two acres are required for the establishment of IT units in apartments. They will be entitled to a capital infrastructure grant based on the investments.

Investment proposals submitted by foreign companies like EMAAR Group, Noon.com, Al Maya Group, GL Employment, MATU Investments and others are being finalized.

People of POK yearn to join J&K

When Article 370 was removed, Prime Minister Narendra Modi and Union Home Minister Amit Shah set J&K’s development agenda, but traditional rulers in the Himalayan region called it of “stuffing”. They predicted that once J&K’s special status was removed, it would find itself in Pakistan’s fold. But time proved them wrong. J&K has seen an unprecedented development that has led people in Pakistan-occupied Kashmir to stage protests against the rulers of the neighboring country. They seek freedom from tyrants. They have left enough clues of their desire to liberate the POK along with Jammu and Kashmir, as they openly say that it is under Pakistan’s illegal occupation and its rulers have treated their region as a colony.

J&K’s transition to a Union Territory provided a plethora of opportunities for the natives. The benefits of centrally sponsored schemes trickle down to the common man. Its standard of living improved as it became part of the “New India” led by Prime Minister Narendra Modi.

Pulwama, from the hotbed of terrorism to the most successful neighborhood

The Himalayan region is rapidly changing from a “terrorist hub” to a vibrant business hub. Pulwama district in south Kashmir, once a hotbed of militancy, was recently declared J&K’s top performing district in the “good governance” index.

The composite score of 20 districts was calculated at the UT level by aggregating the scores of 10 sectors, namely agriculture and related sectors, industries and related sectors, human resource development, public health, public infrastructure and public services, financial inclusion, social protection and development, justice. & public safety environment and citizen-centred governance.

Pulwama secured the top spot in the 2021-22 DGGI with an overall composite score of 5.926.

Jammu and Kashmir is no longer about grenades, bomb blasts and crossfire. It becomes famous for industries, trade, commerce, tourism, etc. The myth that removing Section 370, a temporary provision from the Constitution, would burn Kashmir is shattered. Leaders who deceived the people for seven decades took back their words because all their assumptions turned out to be wrong.

–IANS

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(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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