Srinagar, Oct 8 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 shop authorization system has changed the very concept of doing business in the Himalayan region.
Gone are the days when aspiring entrepreneurs had to rush from office to office to obtain 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 undertake any enterprise are shown the way and given all possible help to pursue their dreams.
After August 5, 2019, when the Center announced its decision to abolish J&K’s special status and split it into two union territories, J&K youth have gone from job seekers to employers. They no longer seek government jobs. Either they are being absorbed into the private sector or they are setting up their own businesses.
In 2 years, the government approves 3,300 applications
New industrial estates are emerging that allow entrepreneurs to install their units. During the last two years, more than 3,300 applications have been approved with Letter of Intent issued in favor of 1,879 applicants and lease deeds have been granted in favor of 260 applicants.
In 111 industrial estates, 9,869 land canals have been assigned to potential unit owners so far. These unit owners, in turn, have deposited a sum of Rs 217 crore in the public treasury as lease installments.
The investment climate at J&K has changed and it has helped thousands of budding entrepreneurs make their ideas work. They are the same young people who until 2019 had no idea what the future held for them. They are leading from the front and emerging as role models.
Investments coming in from outside J&K have made Jammu and Kashmir’s industrial sector vibrant.
The repeal of section 370 ended all provisions that prevented outsiders from buying real estate in the Himalayan region. Incentives being offered to investors are attracting large companies to Jammu and Kashmir.
Corporate houses looking at J&K
It is the first time in 70 years that major corporate houses have seen J&K as a business destination. Until 2019, no one wanted to invest a single penny in J&K due to the uncertain security situation. However, the situation has changed and many people are exploring J&K as a potential location for their business.
The former rulers kept J&K deprived of all profits for the last seven decades. Under the cloak of article 370, they reaped the fruits of power and kept everyone, including business houses, away from the Himalayan region. They are exposed when the people realized that their so-called leaders did not create any path for them and fed them only slogans.
A common man in J&K has understood that Article 370 was nothing more than an impediment that did not allow the Himalayan region to prosper.
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 settled as soon as the new “Land Bank” is created.
The “Land Bank” created by the government over 25,000 canals of state land for industrial investment has almost dried up, as the response from domestic and international investors has been encouraging.
The government has now acquired new land. It will be awarded after due development. Tenders have been issued for its development. Water and electricity connections are being installed so that investors do not have difficulties installing their units.
Apart from establishing industries, twenty proposals have been approved to establish Medi-Cities in Jammu and Kashmir at a cost of Rs 4,400 crore. Medical Cities will include private hospitals, medical schools, etc. and MBBS seats in Jammu and Kashmir would increase by 900.
From 1947 to 2019, private investments amounted to Rs 15,000 crore
From 1947 to 2019, private investments in J&K amounted to Rs 15,000 crore, but in the last two years they have reached Rs 60,000 crore and it will all increase in the coming months.
To make the industrial sector more dynamic, the government has started to develop private industrial estates and the response to this initiative has been very positive. Five acres of land are needed for the development of private industrial estates, while two acres are required to establish IT units in flat accommodation. They will be entitled to a capital infrastructure subsidy depending on the investments.
Investment proposals submitted by foreign companies such as EMAAR Group, Noon.com, Al Maya Group, GL Employment, MATU Investments and others are in the final stage.
POK residents long to join J&K
When Article 370 was removed, Prime Minister Narendra Modi and Union Home Minister Amit Shah outlined the agenda for J&K’s development, but traditional leaders in the Himalayan region described it as a “farce”. They had predicted that once J&K’s special status is removed, it would end up in the lap of Pakistan. But time has proven them wrong. J&K has witnessed an unprecedented development that has led people in Pakistani-occupied Kashmir to protest against the neighboring country’s rulers. They are seeking freedom from tyrants. They have given enough hints about their desire to liberate POK with Jammu and Kashmir as they openly say that it is under illegal occupation by Pakistan and its rulers have treated their region like a colony.
J&K’s transition to a Union Territory has provided a wealth of opportunities for natives. The benefits of centrally sponsored schemes are trickling down to the common man. His standard of living has improved by becoming part of the “New India” led by Prime Minister Narendra Modi.
Pulwama from hotbed of terrorism to best performing district
The Himalayan region is rapidly transitioning from a “terror hub” to a vibrant business hub. Pulwama district in South Kashmir, once a hotbed of militancy, was recently declared J&K’s best performing district according to the “Good Governance” Index.
The composite score of 20 districts was calculated at the UT level by summing the scores of 10 sectors, i.e. agriculture and related sectors, industries and related sectors, human resource development, public health, infrastructure and public services, financial inclusion, social welfare and development, justice & public security environment and citizen-centered governance.
Pulwama secured the top spot in the 2021-22 DGGI with a total composite score of 5,926.
Jammu and Kashmir is no longer about grenades, bomb blasts and crossfire. It is becoming famous for industries, commerce, tourism, etc. The myth that removing Article 370, a temporary provision of the Constitution, would burn Kashmir has been shattered. The leaders who misled the people for seven decades have gone back on their words as all their assumptions have turned out to be wrong.
(Only the headline and image in this report may have been modified by Business Standard staff; all other content is auto-generated from a syndicated source.)