Srinagar: Jammu and Kashmir is witnessing the biggest industrial revolution in the history of UT as private investment proposals worth Rs 66,000 crore have been received within a period of around one year as well as 1,455 industrial units have also started their operations. The existing industrial landscape is being transformed into a futuristic, profitable and sustainable ecosystem, leading to livelihood generation, better education, skill development and better quality of life.
Further, according to the administration's official statement, the New Industrial Development Scheme, with an outlay of Rs 28,400 crore, has been approved by the Government of India for encouraging investment in manufacturing and service sectors in J-K, which has started helping in stepping up economic development in Jammu and Kashmir. From job creation to entrepreneurship, the government is going to make J-K a model of industry 4.0, the fourth industrial revolution.
"Government is working tirelessly on promoting institutional readiness, increasing entrepreneurship and attracting investments. The multiplier effect of industrial transformation will be felt across the entire length and breadth of the UT," the statement said. The people of the union territory can now fully enjoy the rights and benefits enjoyed by all other citizens of India rather than just a limited set of rights and benefits.
"J-K is on a mission to renovate, reinvent, and ready to take a quantum leap to become the fastest-growing region in the country, pushing the targets for economic growth and employment," it further said. The aim of the J-K Administration is to deepen the trust with the business conglomerate, build the industrial base and strengthen the socio-economic stability. With the consistent efforts of the J-K Administration led by Manoj Sinha, Jammu and Kashmir is emerging as one of the best destinations in the country for setting up new businesses as of now with the best incentives and improved infrastructure facilities.
Moreover, J-K Government is fulfilling all the crucial requirements of the industries including the transparent policy of land allotment, private industrial estate development, and ensuring ease of doing business, besides the administration has actively worked with a solutions approach and introduced various initiatives and reforms in a short period of time. Notably, the Industrial Scheme for J-K is giving a boost to domestic manufacturing in the region and helps J-K in becoming Aatma Nirbhar. The Scheme is encouraging new investment, and substantial expansion and also nurturing the existing industries in the union territory.
The administration is also ensuring that the implementation of the new scheme is done in a manner which is friendly and hassle-free to the investors and entrepreneurs from within J-K and outside to find a smooth and progressive ecosystem for their business plans. (ANI)
