Iram Ara
In the modern world of ours, the place whatsoever its location or geography is dependent on Investment to grow in a rapid direction.
Jammu Kashmir is becoming a hub of global Investment. The Middle East’s formidable economies especially UAE are investing with great interest in Jammu and Kashmir.
The expert voices understand that is very important in a country’s economic development: It’s the main source of employment creation and the main factor of economic growth. Investment increase involves Gross Domestic Product (GDP) and National Revenue increase. Investment induces economic prosperity and welfare improvement in general.
The investment record numbers are making all the concerning voices of Jammu and Kashmir very delighted. Statistics of investment are at a record high. In the last year alone, Jammu and Kashmir has received investment proposals worth Rs 52,155 crore.
Almost 17,970 kanals of land, as against a total of 39,022 kanals sought for setting up key units, have already been allotted across both Jammu and Kashmir divisions.
The unemployment rate in Jammu and Kashmir for decades has been a major issue.
While the investment applications received up to April 11, 2022, seek to create 2.4 lakh employment opportunities in Jammu & Kashmir, proposals already cleared shall generate around 1.36 lakh jobs including 71,603 in Jammu and 65,376 in Kashmir.
A few months back, the government of Jammu and Kashmir reported receiving proposals for investments worth approximately Rs 51,000 crore so far, Union Minister of State for Home Nityanand Rai informed the Rajya Sabha.
Responding to a question in a written reply, the Minister shared the information indicating these proposals since the abrogation of Article 370 and Article 35 A from Jammu and Kashmir on August 5, 2019.
Prime Minister Narendra Modi has been at forefront of efforts that Jammu and Kashmir to receive a massive investment that is historic in nature. Few time back, Prime Minister Narendra Modi on met delegations from the United Arab Emirates looking for opportunities to invest in Jammu and Kashmir, and said private investment proposals in the union territory has reached around Rs 38,000 crore.
The dynasty rule had ensured until abrogation that Jammu and Kashmir receive very less investment. For seven decades of independence, private investment of only Rs 17,000 crore could be made in Jammu and Kashmir.
The Government fully understands that The leading role of investment in economic development is determined by the fact it results in the accumulation of public capital, and scientific and technological achievements implementation. Thus, a framework for expanding regions manufacturing feasibility and their economic growth is created.
Lieutenant Governor Manoj Sinha has emerged as the main player in leading the investment in Jammu Kashmir. Recently, Lieutenant Governor Manoj Sinha while meeting industry Leaders and representatives of various Industries Associations from across Jammu & Kashmir were stated that it was the constant endeavor of the UT government to boost the country’s investment climate. The meeting deliberated on enhancing the ease of doing business and support to local industries.
Certain measures of business revival package-2020, yet to be saturated across industries will be implemented within a period to cushion the shock of a pandemic, said the Lt Governor.
If the G20 summit is held in Jammu and Kashmir next year it would make Jammu and Kashmir the top investment destination in the world.
On June 23, the Jammu and Kashmir administration constituted a five-member committee to coordinate with the Ministry of External Affairs on the G20 meetings. As India embarks on its preparations for the big event, its neighbors, Pakistan and China, have started crying foul. Both have opposed India’s plan to hold meetings linked to the conclave in Jammu and Kashmir. However, the Government of India is fully determined to hold the G20 summit in Jammu and Kashmir.
