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J&K seeks $4 billion in investments, 6000 acres of land identified for businesses

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New Delhi: Jammu and Kashmir plans to attract investments worth up to $4 billion in the next two three years and would provide security to businesses setting up shop in the insurgency-hit region, Lieutenant Governor Manoj Sinha said on Saturday.

Sinha said his administration was identifying 6,000 acres (2,400 hectares) of land for businesses and that they would make companies feel secure.

 

“We have an annual budget of 1 trillion rupees ($13.68 billion) for the region and a good amount of that is being used for providing security for businesses,” Sinha said to a group of journalists in New Delhi.

The government was also working on organising an investment summit there after a delay due to the coronavirus pandemic, he said.

“We are in touch with all big business houses,” he said.

J&K is one of India’s least industrialized regions, with per capita income of 62,145 rupees in 2016/2017, lower than the national average of 82,229 rupees but higher than several other states.