J&K realises Rs 1752 Cr investment in fiscal year till Sep in FY 2023-24

Srinagar, Oct 31: The Industries and Commerce Department has revealed that J&K has successfully realised investments amounting to Rs 1752 crore in the first six months of the fiscal year 2023-24, setting the stage for another year of remarkable economic growth.

This latest achievement comes with J&K recording the highest-ever investments in the fiscal year 2022-23, where government figures showed a remarkable Rs 2153 crore investments.

The Industries and Commerce Department shared this information in its recently released compendium. As per the compendium, J&K realised investments worth Rs 2153.45 crore during the financial year 2022-23, marking the highest investment in the region in the last decade.

It states that these investments have not only boosted the economy but also led to the creation of thousands of jobs. The direct employment generated stands at 11,091, while indirect employment, including subcontracting on the same project site, reached 5582. The Pradhan Mantri Employment Generation Programme (PMEGP) played a significant role, employing 77,743 individuals.

“A remarkable 6231 investment proposals with a total investment of Rs 87,923 crore have been received, potentially offering employment to 3,92,162 individuals,” the compendium mentions.

Notably, 1072 units received premium status, attracting investments of Rs 14,940 crore and creating employment opportunities for 72,874 people. The Centre introduced the New Central Sector Scheme (NCSS), offering a financial outlay of Rs 28,000 crore to encourage new investments in J&K. This scheme promises an impressive Return on Investment (ROI) of up to 400 percent, providing fiscal incentives to MSME players for setting up their units within J&K.

The Industries and Commerce Department states that after the introduction of the new industrial policy, the average investment per kanal is Rs 2.24 crore, based on land premium received.

This is a significant jump from the previous Rs 0.24 crore per kanal.

Lieutenant Governor Manoj Sinha Sunday said that J&K received investment proposals worth Rs 86,624 crore and emerged as a favourite investment destination for industries since the implementation of the Industrial Development Scheme.

Chief Secretary, Arun Kumar Mehta in his message said, “Industrial development in J&K is one the foremost priorities of the government and is expected to create significant employment during next five years. The year 22-23 saw highest ever investments in J&K. I would like to compliment the Industries and Commerce Department for bringing out this compendium.”

He said that it was a matter of satisfaction to see J&K focused on achieving sustained industrial development and economic growth.

“This compendium will be a valuable resource for the stakeholders interested in investing in J&K. I would like to affirm the commitment of the J&K government to support the entrepreneurs who have an interest in investing in J&K and contributing to its development. I hope this compendium will inspire potential investors to explore greater opportunities and collaborations for the growth of J&K.”