J&K attracted Rs 5656 crore investment post-2019: MHA

Srinagar, Feb 7: The Union Ministry of Home Affairs Wednesday said that Jammu and Kashmir attracted a substantial investment totalling Rs 5656 crore across diverse sectors following the abrogation of Article 370 in 2019.

A local news gathering agency KNO said that in reply to a query, Minister of State (MoS) in the Ministry of Home Affairs, Nityanand Rai said that the government notified the New Central Sector Scheme for Industrial Development of Jammu and Kashmir on February 19, 2021, to attract investors to make capital investments.

“This has been supplemented by the policies and schemes to boost investment in J&K, which include, J&K Industrial Policy 2021-30, J&K Industrial Land Allotment Policy, 2021-30, J&K Private Industrial Estate Development Policy 2021-30, Policy for Promotion of Foreign Investment in Industrial Sector in J&K, 2022, J&K Single Window Rules, 2021, Turnover Incentive Scheme, 2021, J&K Wool Processing, Handicrafts and Handloom Policy, 2020, Financial Support Scheme for Cooperatives and Self Help Groups, 2020, Credit Card Scheme for Artisans and Weavers, 2020, and Kharkhandar Scheme for Development of Craft Sector in J&K, 2021, Revised Education Scheme 2022 for Artisans and Weavers of Handicrafts and Handloom Department and Export Subsidy Scheme, 2021,” he said.

According to the reply, the impact of the steps enabled investment of Rs 296.64 in 2019-20, Rs 412.74 in 2020-21, Rs 376.76 in 2021-22, Rs 2153.45 in 2022-23, and Rs 2417.19 in 2023-24.

Rai said that investments in various sectors like tourism, processing, and infrastructure like construction, roads, and power would boost the development of Jammu and Kashmir.