J&K sees 1,984 new industrial units generate 63,710 jobs since 2019, reveals Economic Survey

Srinagar, March 06: Jammu and Kashmir has seen 1,984 industrial units having an investment of ₹9,606.46 crore coming into production since 2019 until December 2024, creating employment for 63,710 persons, according to the latest Economic Survey report.

The industrial momentum continues to build with 334 new units operationalised in the financial year 2024-25 (up to December 2024), representing an investment of ₹2,977 crore and generating employment for 8,443 individuals.

The Government of India's New Central Sector Scheme (NCSS), launched in 2021 with an outlay of ₹28,400 crore for industrial development in Jammu and Kashmir, has been met with an overwhelming response and is now fully subscribed.

The comprehensive package, which offers incentives including Capital Investment Incentive, Capital Interest Subvention, GST Linked Incentive, and Working Capital Interest Subvention, closed its registration window on September 30, 2024, with 971 applications approved. These approved applications represent an investment of ₹10,471 crore and are expected to generate employment for 51,897 individuals.

"J&K has attracted several industries with investments exceeding ₹500 crore, positioning the Union Territory as a competitive investment destination. These large-scale ventures have spurred the development of ancillary industries and significantly enhanced local employment opportunities." Economy Survey reads.

"The establishment of these major industrial units marks a transformative phase in J&K's economic development," said an official familiar with the matter. "We're seeing not just direct employment generation but also the creation of a robust ecosystem for smaller enterprises."

The industrial growth trajectory appears set to continue with 8,306 new applications received as of December 2024. These applications propose a combined investment of ₹1.63 lakh crore with the potential to create approximately 5.90 lakh jobs. The proposed projects would require 79,137 kanals of land for development.

To accommodate this industrial expansion, 46 new industrial estates are being developed across the Union Territory. Premier public sector undertakings including NBCC, IRCON, and CPWD have been entrusted with the development of these estates.

"The development of new industrial estates is crucial to our strategy of balanced regional development and employment generation," said a senior government official. "These estates will provide ready infrastructure for businesses looking to establish operations in J&K."

The Economic Survey highlights that the industrial transformation underway is expected to significantly alter J&K's economic landscape, reducing dependency on traditional sectors and creating sustainable employment opportunities for the local population.