Srinagar: Lt Governor Manoj Sinha on Tuesday said that J&K has witnessed a massive transformation, especially in the investment, industry and business sector. On this occasion member of visiting Gulf delegation said that there is huge potential for investment in Jammu & Kashmir.
Addressing a presser in Srinagar Lt Governor said “Government of India has launched one of the best new Industrial schemes with incentives worth Rs 28,400 crore”, adding that “this new Industrial Scheme has attracted many major business houses and industrialists from across the country and abroad”
Pointing out that in the last seven decades, the cumulative outside investment in J&K was around Rs 15,000 crore, LG Sinha said that within a year,J&K Govt cleared investment proposals to the tune of Rs 27,000 crore and allotted them land for their projects, stating therein further that in the next six months, it is expected to cross Rs 70,000 crores.
“After Narendra Modi became the Prime Minister of India in 2014, a conducive atmosphere of cooperation between India, UAE and other Gulf countries has been developed”, said Lt Governor, adding that “ For the first time in history, any Indian head of the state of our country visited UAE several times which lead to strengthening the ties between the two nations”.
Stating that he recently visited Dubai Expo along with a large delegation of J&K administration including Business delegates, Lt Governor said that discussions were held with the government and prominent business houses of Dubai including the Emmar Group, DP World, Lulu Group, and other such groups including Century Financial headed by Bal Krishen, who is a native of Jammu’s Doda region and established himself as a prominent business figure across the world.
“Now we held detailed discussions on broader issues and identified specific areas of investment and cooperation”, said LG Sinha, adding that J&K Govt has assured the delegation to redress all their concerns and issues in the shortest possible time.
Lt Governor furthermore said that CEOs of prominent business houses related to Health & Medical Education, Real Estate, Hospitality, Food Processing, Education, Cold Storage & Cold Chains were also present in the discussions, and very soon the manifestation of the investments on the ground level will be visible.
Replying to a question on the impact of the Investment summit, the Lt Governor said that outcomes of J&K Government’s initiatives will be visible soon. Some business houses have started work on their projects, stating therein further that One Jindal Steel group’s project is already nearing completion in the next 5 months and this will lead to an increase in the number of businesses and subsequent growth in the employment avenues for our youth.
“The Industries & Commerce Department is also making credible efforts to facilitate the access of our unique handicraft & handloom sector to foreign markets and I am sure we will achieve great success in this area soon”, said the Lt Governor, adding that “ J&K is transforming and there will be prosperity, host of employment opportunities enabling people to live in peace and harmony”.
On employment generation, the Lt Governor said that the proposed Rs 70,000 crore investment will create around 6-7 lakh job opportunities, revealing therein that Government has also signed Rs 3,000 crore worth MoUs in Dubai when we visited there early this year.
Speaking on the occasion Century Financial CEO, Bal Krishen said that the business delegation from the Gulf countries have come to J&K with a clear mind, clear intention to invest. “We see great business opportunities in J&K”, he added.
Abdulla Alshaibani, a Businessman from Dubai with a presence in more than 27 business sectors termed J&K as the land of opportunities from the investment point of view. Alshaibani on behalf of the delegation of GCC delegates extended support to the export sector of J&K. He also expressed his gratitude towards all Indian diaspora for their contribution to the growth and progress of UAE.
