Industrialists see investment opportunity in J&K post abrogation of Article 370

JAMMU: Jammu and Kashmir Lieutenant Governor Manoj Sinha has said that J&K is emerging as a vibrant, fastest growing and most attractive investment destination and renowned companies from across the country and abroad are looking forward to investing in the Union Territory.

Sinha shared key initiatives of J&K administration to facilitate the MSMEs in the Union Territory at the two-day Laghu Udyog Bharati’s North Zone MSME conclave and investors’ meet here.

“Today, the world is recognizing the all-round transformation taking place in Jammu and Kashmir. Renowned companies from across the country and abroad are looking forward to investing here”, he said.

Speaking at the same event, Union minister Arjun Ram Meghwal asked potential investors to take advantage of the business-friendly environment developed for the industries.

“After abrogation of Article 370, a lot of people (investors) came here. In this investors’ summit, several have shown their interests. It will create a good atmosphere,” Meghwal said.

Several industrialists also maintained that there is change in Jammu and Kashmir post abrogation of article 370.

“After abrogation of Article 370, people have found a way here (for undertaking investments, setting up of trade and industry units in J&K). If government policies are appropriate, industries would come here.

“They will be successful too. People would get employment on a large scale. People have seen a path towards this opportunity into J&K now, which was closed for years,” Nagpur-based Industrialist Sheshi Bushan Vaid told PTI.

Echoing similar sentiments, another businessman Vijay Singh said, “we are getting the land and will set up a unit here. Article 370 was creating insecurity among people from trade and industry in terms of doing business here. Now it is a better situation”.

J&K Lughu Udyog Bharati President Parveen Gupta Pargal told PTI that the conference will carry a message through these investors to the entire country about investment opportunities, benefits and also about new industrial policy here.

Since the launch of Udyam Registration portal in 2020, two lakh Micro, Small & Medium Enterprises (MSME) units have been registered in J&K. As many as 38,000 MSME are run by women, LG said.

“In the last financial year, 18,000 women-owned enterprises were provided assistance of more than Rs 500 crore under the credit guarantee scheme”, he said.

LG said that Under the Prime Minister’s Employment Generation Programme (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 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. Proposals worth Rs 24,000 crore from more than 1,800 companies have been approved.