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JAMMU: Underscoring the important role of private sector in the growth of Jammu and Kashmir, Lieutenant Governor Manoj Sinha on Sunday asked potential investors to take advantage of the business-friendly environment developed for the industries in the union territory.
The LG said that two lakh MSME units have been registered in J&K since 2020 and 38,000 micro and small enterprises are run by women.
“J&K is emerging as a vibrant, fastest growing and most attractive investment destination. Today, the world is recognizing the all-round transformation taking place in Jammu Kashmir.
“Renowned companies from across the country and abroad are looking forward to investing here. I welcome Industry leaders to be part of this journey”, Sinha said addressing the ‘north zone MSME conclave & investors meet’ organised by Laghu Udyog Bharati here.
He said that industrial development in J&K aims to create a more inclusive, creative and sustainable society.
“The UT will play an important role as the new engine of India’s growth in the future. New Industrial Scheme focuses on enabling the environment to create jobs and increase productivity,” he added.
Since the launch of Udyam Registration portal in 2020, two lakh MSME units have been registered in J&K, he said.
“As many as 38,000 micro and small enterprises are run by women. In the last financial year, 18,000 women-owned enterprises were provided assistance of more than Rs 500 crore under the credit guarantee scheme”, the Lt Governor said.
Speaking on the effective measures taken in order to promote MSMEs, the Lt Governor said, 25 per cent procurements from MSMEs have been made mandatory for the government departments and public sector undertakings and local filters have also been made operational on GeM platform.
On the progress registered to boost the MSME sector, the Lt Governor said, under PMEGP, an unprecedented 21,640 manufacturing and service units were established in 2021-22.
“As many as 42 industrial estates will be set up in Jammu Kashmir in the next few years and out of these 34 industrial estates will be focused on MSMEs”, noted the Lt Governor.
LG said that all 20 districts are being developed as export hubs and emphasis has been laid on the promotion of products which will boost MSMEs’ growth, he added.
“There is immense potential for MSMEs in the field of Integrated Processing Facility, Mega Food Park and Cold Chain Logistics. The Holistic Agriculture & Allied Sector Development Plan worth Rs 5,013 crore will boost the growth of MSMEs in J&K UT,” observed the Lt Governor.
The Lt Governor highlighted the efforts for reforms and strengthening of the industrial ecosystem.
“After 5th August 2019, fear-free, corruption-free administration has become an integral part of our work culture. A record 1.88 crore tourists visited Jammu Kashmir last year”, he said.
LG further said that the first foreign direct investment in J&K has also taken shape with the groundbreaking ceremony of Emaar Mall at Srinagar. IT towers are also coming up in Jammu and Srinagar, he further said.
“Today, Jammu and Kashmir offers vast resources with better incentives, better return on Investment, land for setting up industries & business ventures, skilled labor, technical support, improved connectivity, national & international air cargo facility, raw material, cheapest electricity, lowest crime rate, single window clearance and ease of Doing business”, observed the Lt Governor.
The work done for industrial development of J&K is clearly visible. In the last two years, Jammu Kashmir has received 5,372 investment proposals worth Rs 70,000 crore, he said.
Proposals worth Rs 24,000 crore from more than 1,800 companies have been approved, he added.
