Food processing to hospitality: J&K receives Rs 52,155 Cr investment proposals in one year

Srinagar: Jammu and Kashmir has received investment proposals worth Rs 52,0155 crore in the last year.

The administration last year notified J&K Industrial Policy, Jammu and Kashmir Private Industrial Estate Development Policy, and Jammu and Kashmir Industrial Land Allotment Policy to attract investors.

The Centre too notified the New Central Sector Scheme for Industrial Development of Jammu and Kashmir on February 19 last year with a financial outlay of Rs 28,400 Crore (up to 2037).

Figures accessed by The Kashmir Monitor reveal that Jammu and Kashmir has received investment proposals worth Rs 52,155 in the last year (till April 2022).

Figures suggest that the food processing industry has attracted the highest investment proposals. Investment proposals worth Rs 8,890 crore have been received for this sector.

Of Rs 8,890 crore, Kashmir received proposals worth Rs 5,852 crore and Jammu Rs 3,038 crore.

Around 1,017 food processing units are coming up on 4273 kanals of land in the Union Territory.

Food processing is followed by the hospitality and health sectors, which have received investment proposals worth Rs 5,193 crore in Kashmir alone.

Handicrafts, automobile, steel fabrication, recreation warehousing, cold storage, sports, and ecotourism have received investment proposals worth Rs 7573 crores.

In these sectors, the Jammu division received investment proposals totaling Rs 5,416 crore and Kashmir Rs 2,157 crore.

As per the figures, pharmaceuticals received investment proposals worth Rs 3045 crore, paper mills Rs3267 crore, textile and readymade garments Rs1769 crore, and electric and electronic products Rs1898 crore.

Figures suggest that all these investment proposals totaling 52,155 crore would create 2.4 lakh jobs in the union territory.

Sectors including sports poultry warehousing and cold storage received an investment proposal of Rs 7573 during the last year. In these sectors, Kashmir received investment proposals worth Rs 2160 crore and Jammu Rs 5416 crore.

Pertinently, Lieutenant Governor Manoj Sinha has approved an investment of over Rs 36,000 crores in various sectors so far. This will pave the way for employment opportunities for over 1.3 lakh people in Jammu and Kashmir.

Director Industries and Commerce Mahmood Ahmad Shah said they have been simultaneously working to create land banks for the investments. He said hospitals and cold storages attract the highest investments in Kashmir.