J&K to approve Rs 20,000 cr worth more pvt investment proposals within 3 months

Clearance after development of more Land Bank
*Nod to 22 Medi-Cities worth Rs 4400 cr
Sanjeev Pargal

JAMMU, Sept 11: The Jammu and Kashmir Government has received Rs 20,000 crore worth more proposals for private investments in industrial sector but they have been held up pending development of Land Bank and will be cleared after around three months.
The Government has also approved 22 proposals for setting up Medi-cities in Jammu and Kashmir at the cost of Rs 4400 crore.
Highly placed sources told the Excelsior that after groundbreaking ceremony of Rs 38,080 crore worth private investment proposals in Jammu and Kashmir by Prime Minister Narendra Modi on April 24 this year, the Government has received Rs 20,000 crore worth more proposals for investments.
However, the Government has exhausted Land Bank by allotting land to the investors whose groundbreaking ceremony has already been performed by the Prime Minister.
“The Government has now acquired new land but is of the view that it will not be good to allot it without its proper development. Tenders for its development have been given. Water and electricity connections are being installed in the land,” the sources said.
As per them, the land will be developed within three months after which the private investment proposals worth Rs 20,000 crore, which are pending before the Government, will be cleared.
With Rs 38,080 crore proposals for private investments already cleared by the Government, the clearance of Rs 20,000 crore more proposals will take total investments to Rs 58,000 crore plus.
As per the sources, the private investments in Jammu and Kashmir since Independence and till one and half years back were just to the tune of Rs 14,000 crore to Rs 15,000 crore in the Union Territory.
“In some of the cases, work for establishment of the industrial units has also started,” the officials said.
The Government has approved setting up of 22 Medi-Cities in Jammu and Kashmir at the cost of Rs 4400 crore.
“The Medi-Cities will include private hospitals, Medical Colleges etc,” the sources said, adding that with this the MBBS seats in Jammu and Kashmir will go up by 900.
Sources said the Government is anticipating private investments in Jammu and Kashmir to further go up once the pending proposals are cleared.
Some proposals for development of private Industrial Estates have also been received by the Industries Department from Samba and Kathua districts while many more are in the pipeline. Response to develop ‘Private Land Banks’ for industrial development has been very encouraging,” sources said.
The Government has fixed five acres land for development of private Industrial Estates and two acres for IT/ITes for housing IT units in flatted accommodation. They will be entitled to Capital Infrastructure Subsidy depending on the investments.
The Government had earlier identified nearly 25,000 kanals worth Government Land Bank for industrial investments. With response very encouraging by national as well as international investors who showed keen interest in investments in the Union Territory, the Government land is almost exhausted.
Officials expressed confidence that with development of ‘Private Land Bank’, the Government will be in a position to accommodate more private investments in Jammu and Kashmir as there were reports that investments might touch Rs 75,000 crore shortly as many corporate houses are in touch with the administration for investing in different sectors in the Union Territory.
Dubai’s Emaar Group will be constructing Shopping Maal. Lulu Group is also investing in Jammu and Kashmir.
Several builders had also shown keen interest in investments here during a Summit organized in December last year.
Many more companies were also reported to have approached the Jammu and Kashmir administration showing interest in investment in different sectors in the Union Territory.