In a remarkable development for Jammu and Kashmir's industrial sector, Lt. Governor Manoj Sinha inaugurated 12 state-of-the-art Controlled Atmosphere (CA) Stores at the Industrial Growth Centre (IGC) in Lassi Pora, Pulwama. This occasion underscores the Union Territory's commitment to advancing investment in the Industrial and Horticulture sectors.
These CA Store projects have received a substantial investment of approximately Rs. 368.35 crore, with the potential to generate employment for 511 individuals and providing a combined storage capacity of 59,000 Metric Tons (MTs). Furthermore, the Kashmir Division now proudly hosts 44 CA Stores with a capacity of 185,843 MTs, reflecting a substantial investment of Rs. 887 crore and the creation of employment opportunities for more than 1,330 individuals. These new initiatives are poised to increase the total storage capacity to approximately 1.2 million MTs, significantly addressing the existing gap in this vital sector.
Mega boost to J&K's industries
LG Sinha lauded the ongoing efforts of the industries and commerce department and expressed optimism that the region's growth trajectory will continue. With forthcoming plans to generate more employment opportunities and attract further investments, Jammu and Kashmir is poised for a brighter future. The introduction of the New Central Sector Scheme with an outlay of Rs 28,400 crore for the industrial development of the Union Territory has significantly boosted investment promotion across multiple sectors, offering best-in-class incentives with a return on investment (RoI) of up to 400%, the highest in India.
During the event, the LG also released the Department of Industries and Commerce's compendium, highlighting the significant milestones and achievements of the department since 2019. This compendium offers insights into the UT's industrial growth and accomplishments over this period.
J&K's industrial growth: Key milestones
Some of the major achievements detailed in the compendium include Jammu and Kashmir realizing investments worth ₹2153.45 crore during the financial year 2022-23, the highest in the last decade, generating employment for 1 lakh individuals. The UT also realized ₹1751 crore of investment in just six months, with ₹1286 crore investment in the Kashmir region alone, which is three times the investment realized in the Jammu region. The region has further witnessed the initiation of infrastructure works for 169 units with investments worth ₹7096 Crore, creating employment for 21,076.
The Pradhan Mantri Employment Generation Programme (PMEGP) demonstrated remarkable growth, with a 336% increase in unit registration and employment since 2019. Jammu and Kashmir stood first in India in 2021-22 for establishing the highest number of 21680 manufacturing and service units under PMEGP. The introduction of the New Industrial Policy in 2021 led to a 9x increase in the average investment in Industrial Estates, highlighting the region's industrial growth.
Additionally, the government of Jammu and Kashmir signed a Memorandum of Understanding (MoU) with the Central Public Works Department (CPWD) for the development of six new Industrial Estates, furthering the commitment to fostering economic growth and prosperity in the Union Territory.
This groundbreaking event showcases the administration's dedication to fostering economic growth, enhancing employment prospects, and securing the future of the region. Jammu and Kashmir's industrial sector is on an upward trajectory, and the commitment to progress is evident in these significant achievements.
