The New Industrial Policy (NIP) 2021, which came into effect in Jammu and Kashmir on Apr 1, 2022, has started to show its result as the UT is now emerging as an investment hub, media reports said.
For the first time since 1947 investments worth about Rs 2200 crore have been made in J-K in one year, reports Indian news agency ANI.
The new business units that have become functional in the Financial Year 2022-23 have created employment opportunities for more than 10,000 youth, the news agency reported.
According to the figures dished out by the officials under the New Industrial Policy, a total of 5327 investment proposals have been received so far with an anticipated investment of about Rs 66,000 crore to be made in Jammu and Kashmir in the coming years.
In the Financial Year 2023-24 the work commenced on the industrial units that would fetch an investment of over Rs 5500 crore. These enterprises are all set to provide jobs to thousands of youth in the near future.
From 2022 onwards the J-K Industries Department has allotted land to 1854 units of which 854 have paid the premium. In addition, 560 units have signed lease deeds and have taken over the possession of the land allotted for starting work on their units as mandated under NIP, reports ANI.
Pertinently, the New Industrial Policy has a spending outlay of Rs 28,400 crore (Rs 284 billion), the largest incentive to date, on the industrial development of Jammu and Kashmir for the next 15 years. It is expected to generate an investment of Rs 20,000 crore (Rs 200 billion) and employment of 4.5 lakh over the plan period.
