Srinagar, Mar 6: As many as 1984 industrial units with an investment of ₹9,606.46 crore have been set up in Jammu and Kashmir since 2019.
According to the Economic Survey, these units have created employment for 63,710 persons.
Notably, in the 2024-25 financial year, 334 new units have been operationalized, contributing an investment of ₹2,977 crore and providing jobs for 8,443 people, the economic survey revealed.
A key driver of this growth, according to the Economic Survey, is the New Central Sector Scheme (NCSS), launched by the Center in 2021 with an outlay of ₹28,400 crore aimed at boosting industrial development in J&K.
The comprehensive package, which includes incentives such as Capital Investment Incentive, Capital Interest Subvention, GST Linked Incentive, and Working Capital Interest Subvention, closed its registration window on September 30, 2024, with 971 applications receiving approval. These approved applications account for an investment of ₹10,471 crore and are projected to create employment for 51,897 individuals.
The economic survey revealed that J&K has attracted large-scale industrial ventures, including those with investments exceeding ₹500 crore. “These large-scale ventures have catalyzed the development of ancillary industries, enhanced local employment, and firmly positioned J&K as a competitive investment destination,” it said.
The economic survey said that 8,306 new applications have been received as of December 2024. It said these projects propose a combined investment of ₹1.63 lakh crore and are expected to generate employment for approximately 5.90 lakh people, requiring 79,137 kanals of land.
To support this expansion, the economic survey revealed that 46 new industrial estates are being developed across J&K, with public sector undertakings like NBCC, IRCON, and CPWD overseeing their construction.
The economic survey highlights that the ongoing industrial transformation in J&K is poised to reshape the region’s economic landscape. By moving away from traditional sectors, the region is creating opportunities for sustainable growth and generating substantial employment for the local population.
