‘15-20 UAE companies will invest in UT’
*Industries open to sourcing, building own factories
Sanjeev Pargal
JAMMU, Apr 29: Lieutenant Governor Manoj Sinha said today that Prime Minister Narendra Modi has ensured that economic growth is maintained while also focussing on infrastructure expansion, which is also evident in Jammu & Kashmir.
Addressing Indian Family Business Awards—2021, organized by Moneycontrol, TV Network 18 Group in Mumbai, Sinha said during 70 years of independence, just Rs 15,000 crore worth of investment had come from private sector in Jammu and Kashmir but since August 2019 (when special status of erstwhile State was abrogated and it was bifurcated into two Union Territories of J&K and Ladakh), the investments have shot up to Rs 52,000 crore.
Rs 38,000 crore worth private investments have been launched in J&K in different sectors while the Government expects investments to reach Rs 70,000 crore in next six months. After holding Real Estate Summit in Jammu in December last year, the Government proposes to hold similar Summit in Srinagar in summer.
“Out of Rs 52,000 crore, Rs. 38,000 crore worth of investments have been approved,” Sinha said.
Arguing that the repeal of Article 370 has unshackled the growth of Jammu & Kashmir, Sinha said a host of Government and private endeavours have now become possible on the ground.
Referring to Prime Minister Narendra Modi’s visit to Jammu on April 24, the Lieutenant Governor said the PM also mentioned that J&K received three times investment in business in just one year as compared to last 70 years.
“We are promoting commercial development, and have mandated a change of land use. Industries are open to sourcing and building their own factories. We are promoting private industrial townships, and have moved 280 services to Online, in line of ease of doing business principles. We have turned red tape into red carpet and we seek to build a more modern economic edifice,” the Lieutenant Governor said.
He said infrastructure development works worth Rs one lakh crore are going on in Jammu and Kashmir to make lives of the citizens better and improve road connectivity.
“For better electricity, six new hydro power projects are being constructed. Cheapest electricity is available in Jammu and Kashmir. Crime rate is lowest. As compared to other developed States, J&K is giving 400 percent more incentives,” Sinha said.
Referring to Dubai Expo in January this year, Sinha said major companies like DP World, Emaar Group, Lulu Group and Al Maya had signed Memorandums of Understanding (MoUs) them and after two months, a delegation of 30 companies visited J&K and “I’m confident that 15-20 UAE companies will invest in the UT”. Emaar Group will develop 500,000 sq ft shopping mall in Srinagar, he added.
He said the UAE delegation also met the Prime Minister during his Jammu visit on April 24 which has boosted morale of the UT. “I don’t think that in any State, such a large delegation of UAE would have visited thrice to explore possibilities of business,” he added and invited the businessmen present there to visit J&K.
Referring to COVID pandemic, he said both vaccines produced in India were manufacture by the companies which are family businesses.
He said worldwide at least 65 percent of employment and 85 percent of Startup financing is provided by family businesses.
Asserting that India is on a path of quick and steady economic growth after COVID, the Lieutenant Governor said India’s GDP growth projection, according to IMF, has been at 8.2 percent, the highest in the world. The nearest other country is Spain at 4.8 percent, followed by China (4.4 percent).
He said family businesses have given India’s development both stability and strength.
“Now that we are moving towards a $5- Trillion economy, these businesses are playing an important part in that journey,” he said.
Asserting that family businesses constituted business enterprises with a human face that has maintained pace with India on the move, Sinha said these businesses have maintained Indian culture and traditions, and nurtured the country’s economy.
Follow our WhatsApp channel
