J&K Lieutenant Governor Manoj Sinha has reasons to claim that Jammu and Kashmir has emerged as a favourite destination of foreign and domestic investors the Union Territory has received investment proposals worth Rs 56,000 crore in the last few months.
"Since Independence, Jammu and Kashmir had received private investments to the tune of Rs 14,000 crore only", the Lieutenant Governor said but added that after the introduction of the new Industrial Development Scheme following the abrogation of Article 370 the UT has received investment proposals worth Rs 56,000 crore.
While addressing investors and business leaders in Dubai on January 6, 2022, the Lieutenant Governor said the UT of J&K now has a sage and conducive environment for the businesses to flourish, besides having a young population and a demographic dividend to its advantage.
"We are devising new paths, new policies, creating critical infrastructure, and unlocking the business potential of Jammu Kashmir to strengthen our business ecosystem for the post-pandemic world and embarking on the journey of growth and development", he said.
"J&K has the capability to provide an opportunity to industries to compete, connect and collaborate with its readily available abundant resources. In the last some months, J&K has transformed from a sleeping business destination to the land of opportunities and investment", the Lt Governor said.
Due to transparent policies, and ease of doing business, we were able to clock investment proposals worth Rs.45,000 crore and an additional Rs.18,300 crore in the real estate sector, added the Lt Governor.
"Jammu Kashmir is rising. The best time to invest in J&K is 'now'. Our performance shows the world has an opportunity to develop and grow with the enormous opportunities Jammu Kashmir offers at this exciting period of time", Lt Governor said.
"I have set a high target of economic growth for Jammu Kashmir, which is the crown jewel of India. With the ageless culture visible in the layers of history and as a witness to the co-existence of almost all major religions known to humankind, Jammu Kashmir has created an inclusive cultural ecosystem for the country" the Lt Governor further added.
Business houses from Gulf are investing in J&K
Many business houses from abroad especially from Gulf countries are keen on investing in the Union Territory.
Jammu and Kashmir is set to become the top investment destination in the country as it races up to various infrastructure projects and is reaching out to foreign and domestic investors through several forums and industrial summits.
According to officials, investors from foreign countries particularly middle-east are keen to invest in J&K with an investment of many folds which Jammu and Kashmir have not received in the last 75 years.
Before arriving in Palli village in Samba to participate in the celebration of National Panchayati Raj Day celebrations on April 24, 2022, at Jammu, Prime Minister Narendra Modi met the large delegation from UAE.
The Prime Minister said that a new story of development is being written and many private investors are interested in Jammu and Kashmir. For seven decades of independence, private investment of only Rs 14,000 crore could be made in Jammu and Kashmir. But, this investment is now reaching around Rs 38,000 crore.
Dubai's Emaar Group will be constructing a shopping mall. Lulu Group is also investing in Jammu and Kashmir.
The Lieutenant-Governor's administration in Jammu & Kashmir worked hard to convince Dubai-based investors to explore investment possibilities in the Union Territory.
During the Dubai summit Jammu and Kashmir signed five MoUs with Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-commerce respectively; 1 LoI between Magna Waves Pvt. Ltd along with Emaar Group and Lulu International.
Domestic investors keen on investing in J&K after the abrogation of Article 370
JSW Steel Ltd. and Apollo Hospitals Enterprise Ltd. became the first major corporations to buy land for their projects after the abrogation of Article 370 in 2019.
The possession of 70 kanals of land (8.75 acres) has already been handed over to JSW Steel Ltd. In Pulwama's Lassipora industrial area it set up an Rs150-crore steel plant.
Similarly, Apollo Hospitals is setting up a 250-bed super specialty hospital in the Jammu region. The administration has already earmarked 100 kanals (12.5 acres) at Jammu's Miran Sahib for a medi-city, which will accommodate the country's top health sector corporates to invest here.
In Kashmir, Medi-city is coming up on 368 kanals (46 acres) in Sempora of south Kashmir's Pulwama district as many groups have also shown equal interest to invest in the medi-city. The Administrative Council had approved the transfer of land measuring 750 Kanals in favour of the Industries & Commerce Department for setting up a Medicity.
The Operationalization of the Medicity will bring world-class health care infrastructure and facilities to the region, besides providing employment opportunities to the medical/pharma professionals, local pharmacists, and vendors.
Key highlights of J&K's investment scenario
- J&K Private Industrial Estate Development Policy, 2021-30 notified.
- Single Window Clearance Rules notified.
- J&K Industrial Land Allotment Policy 2021-30 notified.
- J&K Industrial Policy 2021-30 notified.
- First ever FDI Policy 2020 notified.
- Change of Land use allowed for the conversion of agricultural land for non-agricultural purposes.
- First ever J&K Real Estate Summit 2021 held 250 top developers from across the country participate.
- GoI's Model Tenancy Act adopted by the Government of J&K Portals for Real Estate Regulatory Authority and Auction of the assets, allotment of dwelling units/plots of the J&K Housing Board, Jammu Development Authority, and Srinagar Development Authority launched
- Project for converting 336 BSUP flats at Sunjwan, Jammu into Affordable Rental Housing Complexes launched along with the construction of 760 flats at Bhalwal and 208 at Muthi, Jammu for EWS under PMAY.
- MoU signed between the Government of J&K and National Real Estate Development Council (NAREDCO) for skilling 10000 persons in real estate under NULM.
- MoU signed between Housing Board, J&K, and Central Government Employees Welfare Housing Organisation (CGEWHO) for the development of Housing Colonies for Government Employees.
