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From Emaar to Murali, global giants sprint for J&K’s business pitch

Kashmir leads in numbers, Jammu in scale
05:44 AM Jul 08, 2024 IST | MUKEET AKMALI
from emaar to murali  global giants sprint for j k’s business pitch

Srinagar, July 7: Jammu and Kashmir is witnessing a remarkable influx of industrial investment proposals, with 6909 applications received through its single-window system till this month.


A senior Industries and Commerce Department official said, “This surge can potentially inject over Rs 1.23 lakh crore into J&K’s economy and create employment for approximately 4.69 lakh people.”


Officials said that Kashmir has attracted 5007 proposals, primarily for medium and small-scale enterprises, requiring 29,375.89 kanal (3671.98 acres) of land.


Conversely, Jammu, with 1902 applications, is drawing larger industrial projects seeking 39,484.94 kanal (4,935.61 acres), particularly in the Kathua district due to its proximity to Punjab and Himachal Pradesh.


The J&K’s new industrial policy, introduced on April 1, 2021, has been instrumental in attracting these investments.


It offers incentives such as capital investment subsidies and GST benefits.


Lieutenant Governor Manoj Sinha has acknowledged the policy’s success while noting that some land issues were yet to be resolved.


Officials said that already, investments exceeding Rs 21,000 crore have materialised in the Jammu division.

Notably, 15 large projects worth Rs 14,594 crore in Kathua’s Bhagthali Industrial Estate are either operational or nearing completion.

High-profile investors include cricket legend Muttiah Muralitharan's Ceylon Beverages, setting up a Rs 1600-crore facility, and Dubai's Emaar Group, investing Rs 500 crore in shopping malls and IT towers.

Other significant projects include Kandhari Beverages’ Rs 1100 crore PET bottling plant, Welspun Group and Haldiram’s ventures in Kathua, and Bloomtex’s Rs 300 crore textile unit.

To accommodate the growing demand, the administration is actively seeking additional land, including in the Samba district.

In March, LG Sinha said J&K’s industrial landscape was undergoing a significant transformation and commended Bloomtex for its swift production launch within a year of establishment.

He said that a key development had been the reduction of the compliance burden on businesses, streamlining operations for investors.

The administration has also made strides in addressing the previously challenging issue of land availability, now able to meet 70 percent of industrial land requirements.

“The efforts appear to be bearing fruit, with the Lieutenant Governor revealing that investment proposals worth over Rs 90,000 crore have been received in recent years. Of this, Rs 14,000 crore worth of investments are already being implemented on the ground across both Kashmir and Jammu divisions."