SRINAGAR: Kashmir is attracting investments across various sectors since the introduction of the New Industrial Policy. Investments worth over Rs 1,200 crore have been realised by the Departments of Industries and Commerce until September 30 this year.
Documents accessed by the news agency KNO indicate that Kashmir has emerged as a focal point for investments this year, with a total investment of Rs 1,285.61 crore for the government this fiscal year. These investments have created employment opportunities for 15,131 individuals.
In contrast, Jammu has received investments worth Rs 466.49 crores.
The documents reveal that an investment of Rs 290.79 crores has been realized for the establishment of 50 units, which have also commenced production. These 50 units have provided employment to 1,107 young people.
An investment of Rs 40.79 crore has been realised by the department for 13 units that have undergone substantial expansion. These 13 units have created job opportunities for 149 individuals.
The government has received an investment of Rs 203.28 crores from 28 units that are ready for production and have been established on the ground, as per the documents. A total of 566 young people have secured employment in these 28 units.
The documents indicate that the administration has realized an investment of Rs 694.62 crore from 32 units in Kashmir that have initiated groundwork. A total of 2,780 individuals have gained employment in these 32 units.
An investment of Rs 20.96 crores has been made in five hotels where investments have been made on the ground and are operational, pending registration in the I&C department due to document requirements. These investments in the hospitality sector have provided employment to 87 people.
The documents reveal that a collective investment of Rs 1,752.1 crores has been realized in Jammu and Kashmir this year until September 30, marking the highest-ever figure.
Last year, Jammu and Kashmir attracted investments worth Rs 2,153.45 crores during the financial year 2022-23, the highest in the last decade.
According to the documents, the government has received 6,231 investment proposals with a total investment of Rs 87,923 crores and the potential for employing 3,92,162 people.
Official sources have disclosed that investments are coming from both within the country and abroad.
“These investments span various sectors, including health, education, horticulture, agriculture, and tourism. Since 2019, investment proposals have been consistently increasing, and the government is actively promoting the transformation of the union territory into an investment hub to promote development and employment opportunities for the youth,” they stated. (KNO)
