Rs. 14,000 crore Industrial investment to reach Rs. 35,000 crore by year end: LG Manoj Sinha

The industrial investment of Rs. 14,000 crore is expected to reach Rs. 35,000 crore by the end of this year, as per Lieutenant Governor Manoj Sinha.

In a meeting chaired by Finance Minister Nirmala Sitharaman, Sinha highlighted the key reforms and steps taken for managing the economy during COVID-19, its growth potential and focus areas, besides putting across issues that require consideration the Union government during the interaction.

“The investment in J&K is expected to reach Rs 35,000 crore by December 2021, and proposals for Rs 25,000 crore have already been received, besides land has been approved for proposals worth Rs 1700 crore. Out of 6000 acres of land earmarked for the development of Industrial Estates, 3000 acres have already been identified.” Sinha said

Speaking on the tourism sector, the Lt Governor outlined that the J&K Tourism Policy 2020 has been notified to boost the tourism sector. He informed that the tourist footfall has increased manifold in the UT during the winter months. From 1935 tourists in June 2020, the number has increased to 1282572 in September 2021.

After the democratic decentralisation in the spirit of the 73rd and 74th constitutional amendment Act, Sinha said that 14 sectors had been identified for investment at a large scale with a particular focus on tourism and employment.

He said export promotion for agricultural and horticulture products, the revival of handicraft and traditional art in J&K, development of heritage sites and enhancing pilgrimage tourism, and sports infrastructure improvement, among others, are priorities.

Under the Mission Youth, first-of-its-kind initiative, the focus is being laid on livelihood generation, education and skill development, counselling, financial assistance, sports, and recreation, with 4,500 youth clubs under the process of establishment.

On the steps taken for managing the economy, the lieutenant governor said a holistic package of Rs 1,353 crore was announced last year for inclusive growth, by which 3.44 lakh account of borrowers involving Rs 750 crore were benefited by an interest subvention of 5 per cent under business revival.

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