Prominent business houses keen to invest in J&K

Union Cabinet nod to Industrial Policy soon
Govt proposes big boost to Startups

Sanjeev Pargal
JAMMU, Mar 4: Jammu and Kashmir has been receiving very encouraging response from Multi National Companies (MNCs) for investment in the Union Territory and several prominent industrial houses of the country have also expressed keenness to invest in the Union Territory even as the Government has now finalized its Industrial Policy which will be cleared by the Commerce Ministry, Government of India, and approved by the Cabinet shortly
Commissioner/Secretary Industries and Commerce MK Dwivedi told the Excelsior that response was very huge to the investments in Jammu and Kashmir and all roadshows held so far in different cities have been highly successful with several prominent industrial houses expressing interest in investments and signing the Memorandums of Understanding (MoUs).
“Number of top representatives of industries have expressed desire to visit Jammu and Kashmir also and some meetings are scheduled in the next few days. There has been more than expected response to the Global Investors Summit everywhere. Film tourism, education, medical, Information Technology, food processing, sheep, wool, pashmina and carpet production are in high demands,” Dwivedi, who has been engaged in making preparations for the Global Investors Summit, said.
The Government, according to sources, is proposing to encourage the Startups in a big way which will also give employment. Encouragement to Startups is in line with the Government of India policy, they said.
“The industry already working in Jammu and Kashmir-be it by the locals or outsiders-will not be discouraged but will find handsome package including concessions in the upcoming Industrial Policy,” sources said, adding they stood with J&K during tough times and both Centre as well as Union Territory Governments are in favour of giving boost to them.
“While new investments are welcome, existing industry must flourish,” they said, adding that interest of the industry has been taken fully care of in the Industrial Policy and there will be no ground for them to be upset.
Confirming Expression of Interest by some leading Multi National and National Companies for investment in Jammu and Kashmir, sources, however, declined to name them till they formally sign the Memorandums of Understanding with the Government.
The Government feels that investment by private sector will go long way in meeting employment demands in the Union Territory of Jammu and Kashmir. It will also help the youth of neighbouring Union Territory of Ladakh in securing employment, sources said.
They added that leading chains of education and medical sectors were keen to invest in Jammu and Kashmir which was way behind in both these fields as compared to neighbouring Punjab and Himachal Pradesh.
“Education sector has shown interest in opening professional colleges, degree colleges and even Universities while medical sector was keen to open big hospitals,” sources pointed out.
Meanwhile, sources said representatives of the Jammu and Kashmir Government are in touch with the Commerce and Home Ministries at the Centre giving final touch to the Industrial Policy which will be approved by the Union Cabinet headed by Prime Minister Narendra Modi in the next few days.
The Industrial Policy is prelude to the Global Investors Summit being held for the first time in Jammu and Kashmir on May 26 and 27.
The Industrial Policy, according to sources, will be completely “investment friendly” and the focus was to give at least 40 percent space to private sector in the terms of employment and rest 60 percent to Government jobs. In most of the States and Union Territories, nearly 70 percent employment is given by the private sector and 30 percent by the Government.
However, in Jammu and Kashmir around 90 percent employment was so far generated by the Government and just 10 percent by the private sector. With encouraging response to the investments in Jammu and Kashmir following scrapping of special Constitutional provisions, the Centre and UT Governments are confident that at least 40 percent jobs will be provided by the private sector leaving 60 percent space for the Government.
As reported exclusively by the Excelsior, Prime Minister Narendra Modi, Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal and Union Minister of State in Prime Minister’s Office (PMO), Dr Jitendra Singh are likely to attend the Global Investors Summit in Jammu and Kashmir on May 26 and 27.

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