SRINAGAR: Dr. Arun Kumar Mehta, chief secretary, dispelled all of the preconceived views by remarking that J&K is quickly developing into an investment hub as individuals are eager to build their business units here in the UT.During a meeting scheduled to discuss the deliverables established for the I&C Department for the year 2023–2024, Dr. Mehta made these comments. Principal Secretary for Industries and Commerce, Director General for Industries in Jammu, Director for Industries in Kashmir, as well as other officers from the relevant Department, were present at the meeting.Dr. Mehta asked the department’s officers to serve as intermediaries for all applicants seeking to set up business units in J&K. He urged them to serve as these business owners’ only point of contact so they could quickly set up their units under the Single Window System (SWS) designed for their convenience. In the meeting, it was announced that a total of 5327 applications and investment proposals have been submitted under the New Industrial Policy (NIP), 2021, with a projected investment of about Rs 66,000 Cr to be made here in the UT.The conference was also informed that, as of the prior fiscal year 2022–2023, investments in J&K totaling around Rs 2200 Cr had been made under NIP. Since these units have recently entered production, over 10,000 young people now have work options. In addition, it was disclosed that the current fiscal year 2023–24 is shaping up to be successful in terms of investments that were actually made on the ground. It was revealed that the total cost of the work begun on industrial units up to this point has been close to Rs 5500 Cr.In the upcoming months, these units will give work to a lot more young people. The Industries Department has similarly allocated land for 1854 units, of which 854 have paid the fee. In addition, 560 units have executed lease agreements and taken possession of the land assigned for the commencement of construction on their units as required by NIP. The LG Administration’s initiatives, such as the Business Reform Action Plan, Ease of Doing Business (BRAP-EoDB), under which 3188 burden compliances were lowered and 352 BRAP points were met, are credited with the success. In addition to creating new Industrial Estates and enhancing the current infrastructure, it entails offering 167 services from 18 departments through a one window interface to potential investors. It is important to note that when Lieutenant Governor Manoj Sinha lay the cornerstone for the Mall in Srinagar, which will be built by Dubai’s Emaar Group, Jammu and Kashmir had even received its first foreign direct investment. The combination of all these innovative actions with peace, progress, accountability, and transparency is increasing investor trust and elevating J&K to the status of the nation’s ideal investment location.
