Jammu and Kashmir has witnessed an investment push of Rs 2,079.76 crore in the first seven months of this fiscal year.
Since 2019, the cumulative investment in the region's industrial sector has reached Rs 5,319.35 crore, according to recently published compendium by the Industries and Commerce Department.
After the abrogation of Article 370 by the central government in 2019, the industrial sector in Jammu and Kashmir witnessed an investment of Rs 296.64 crore for the year 2019-2020.
There has been an over 86 per cent rise in industrial sector investments in less than five years.
The subsequent fiscal years showcased continued growth, with investments of Rs 412.74 crore and Rs 376.76 crore in the industrial sector for 2020-2021 and 2021-2022 respectively. An investment of Rs 2,153 crore was realised in the industrial sector during the year 2022-2023.
Official documents highlight that the Jammu and Kashmir government has received investment proposals amounting to Rs 88,915 crore, potentially generating employment for over 3.98 lakh skilled youth.
The Centre introduced a New Central Sector Scheme for Industrial Development of the Union Territory of Jammu & Kashmir post Article 370 repeal to bolster industrial growth
Policies like the J&K Industrial Policy 2021-30, J&K Industrial Land Allotment Policy 2021-30, J&K Private Industrial Estate Development Policy 2021-30, and J&K Wool Processing, Handicrafts, and Handloom Policy 2020 have been officially notified.
According to the compendium, 2,540 units have been proposed for establishment in Jammu and Kashmir during the initial six months of the current fiscal year. Among these, 2,329 units are slated to be established under the Prime Minister’s Employment Guarantee Programme (PMEGP).
Highlighting investment prospects, Lieutenant Governor Manoj Sinha urged industry leaders last month to consider investing in J&K, emphasising the region's potential for profitable growth.