J&K turns from ‘terrorist hub’ to biz hub; investment proposals worth Rs 10,000 cr under execution

Srinagar Oct 8 IANS: Investment projects worth Rs 10,000 crore are under execution in Jammu and Kashmir and proposals worth Rs 50,000 crore are being processed. The single window clearance system has changed the very concept of business in the Himalayan region.

Gone are the days when aspiring entrepreneurs had to run from one office to another to get no objection certificates and other clearances from different departments to set up their projects.

In “Naya Jammu and Kashmir”, youngsters, who want to set up any venture, are shown the way and are provided all the possible assistance to chase their dreams.

After August 5, 2019, when the Centre announced its decision to abrogate J&K’s special status and bifurcated it into two union territories, J&K youth have turned from job seekers into employers. They don’t run after government jobs anymore. Either they are getting absorbed in the private sector or they are setting up their own ventures.

In 2 years, government approves 3,300 applications

New industrial estates are coming up allowing the entrepreneurs to set up their units. During the past two years, more than 3,300 applications have been approved with Letter of Intent issued in favour of 1,879 applicants and lease deeds have been executed in favour of 260 applicants.

In 111 industrial estates, 9,869 kanals of land has so far been allotted to the prospective unit holders. These unit holders have in turn deposited a sum of Rs 217 crore into the government exchequer as their lease dues.

The investment climate in J&K has changed and has helped thousands of budding entrepreneurs to make their ideas work. They are the same youth who till 2019 had no idea about what future holds in store for them. They are leading from the front and are emerging as role models.

The investments that are pouring from outside J&K have made the industrial sector in Jammu and Kashmir vibrant.

Revocation of Article 370 ended all the provisions that prevented outsiders from buying immovable property in the Himalayan region. The incentives being offered to the investors are pulling big business houses towards Jammu and Kashmir.

Corporate houses eyeing J&K

It’s for the first time in 70 years that J&K is being viewed as a business destination by the top corporate houses. Till 2019 no one wanted to invest even a single penny in J&K due to it facing an uncertain security situation. However, the situation has changed and many people are exploring J&K as a potential place for their business ventures.

Former rulers kept J&K deprived of all the benefits for the past seven decades. They under the garb of Article 370 reaped the fruits of power and kept everyone, including the business houses, away from the Himalayan region. They stand exposed as the people have realized that their so-called leaders failed to create any avenues for them and fed them with slogans only.

A common man in J&K has understood that Article 370 was nothing but an impediment which didn’t allow the Himalayan region to prosper.

New business proposals worth Rs 20,000 cr

According to the officials the J&K Government has received new investment proposals worth Rs 20,000 crore from April 2022, to August 2022. These proposals would be cleared as soon as the new “Land Bank” is created.

The “Land Bank” created by the government on 25,000 kanals of state land for industrial investments has almost been exhausted as the response from national and international investors has been encouraging.

The government has now acquired new land. It will be allotted after proper development. Tenders for its development have been issued. Water and electricity connections are being installed so that the investors don’t face any difficulties in setting up their units.

Besides setting up industries twenty proposals have been approved for setting up Medi-Cities in Jammu and Kashmir at the cost of Rs 4,400 crore. The Medi-Cities will include private hospitals, medical colleges etc. and the MBBS seats in Jammu and Kashmir would go up by 900.

From 1947 to 2019, private investments stood at Rs 15,000 crore

From 1947 to 2019 the private investments in J&K stood at Rs 15,000 crore but in the past two years these have reached to Rs 60,000 crore and are all set to increase in coming months.

To make the industrial sector more vibrant the government has started developing private industrial estates and the response to this initiative has been very positive. For development of private industrial estates five acres land is needed while two acres is required for setting up IT units in flatted accommodation. They will be entitled to capital infrastructure subsidy depending on the investments.

The investment proposals submitted by foreign companies like EMAAR Group, Noon.com, Al Maya Group, GL Employment, MATU Investments and others are in the finalization stage.

POK denizens yearn to join J&K

When Article 370 was scrapped Prime Minister Narendra Modi, and Union Home Minister Amit Shah, had spelled out the agenda for J&K’s development but the traditional leaders in the Himalayan region had described it as “farce”. They had predicted that once J&K’s special status is done away with, it would end up in the lap of Pakistan. But time has proven them wrong. J&K has witnessed unprecedented development which has led to the denizens of Pakistan Occupied Kashmir staging protests against the rulers in the neighbouring country. They are seeking freedom from tyrants. They have dropped enough hints about their desire to get POK liberated with Jammu and Kashmir as they are openly saying that it’s under illegal occupation of Pakistan and its rulers have treated their region like a colony.

J&K’s transition into a Union Territory has provided a plethora of opportunities to the natives. Benefits of centrally sponsored schemes are trickling down to the common man. His standard of living has improved as he has become a part of “New India” led by Prime Minister, Narendra Modi.

Pulwama from hotbed of terrorism to best performing district

The Himalayan region is fast turning from “terrorist hub” into a vibrant business centre. Pulwama district in South Kashmir, once a hotbed of militancy, was recently declared as the best performing district of J&K under the “Good Governance” Index.

The composite score of 20 districts was computed at UT level by aggregating the scores of 10 sectors i.e. agriculture & allied sectors, industries & allied sectors, human resource development, public health, public infrastructure & utilities, financial inclusion, social welfare & development, judicial & public safety environment and citizen centric governance.

Pulwama secured the first rank in the DGGI 2021-22 with an aggregate composite score of 5.926.

Jammu and Kashmir is no more about grenades, bomb-blasts and cross-firings. It’s becoming famous for industries, trade, commerce, tourism etc.The myth that scrapping of Article 370, a temporary provision in the Constitution, would burn Kashmir stands shattered. The leaders who misled the people for seven decades have taken back their words as all their assumptions have proven wrong.

–IANS

ksk/

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