MUMBAI: Lieutenant Governor Manoj Sinha on Friday addressed the Indian Family Business Awards-2021, organised by Money control, Network 18 Group, to recognize the significant role of Family Businesses in shaping the Indian economy.
Addressing the distinguished gathering of business leaders, the Lt Governor congratulated the award-winning family businesses and said that the award is a fitting tribute to traditional business families of the country, who have been serving as the backbone of India’s prosperity. There is an emerging perception that new generation with their dynamism will add to the growing economic success, he added.
“There are many examples of such business families who with humble beginnings, hard work and honest relations have laid the foundations of future enterprises and nurtured the country’s economy. They are the pioneer of the Indian economy and were vital in providing stability and strength to the development of the country before and after economic liberalization,” the Lt Governor said.
Today, if we are moving towards becoming a 5-Trillion Dollar Economy, it is also because of the traditional business houses which have contributed by shaping the Indian economy, creating employment, empowering the community and entrepreneurial spirit in the country, he added.
Expressing gratitude towards the Prime Minister, the Lt Governor said that he has rapidly renovated every sector of the Indian economy through various reforms since 2014. India has emerged as the economic superpower of the world in the last 8 years. Despite Covid pandemic and global instability, the International Monetary Fund has kept India’s GDP growth projection at 8.2%, which is higher than many other big economies of the world.
Underscoring that rapid economic growth can be achieved only by accelerating reforms, the Lt Governor said that since Hon’ble Prime Minister took over the leadership in 2014, India’s position in the Ease of Doing Business rankings has jumped from 140 to 63 due to relentless reforms introduced by Union government and the day is not far when we will figure in the top 50 countries.
Highlighting the key developments in Jammu Kashmir, the Lt Governor said that even after 70 years of Independence, the UT received only 17,000 crore in private investment as the immense potential of business remained buried under many regressive laws. It was only due to Hon’ble Prime Minister’s vision that after August 2019, infinite possibilities and unprecedented growth opportunities were unlocked in J&K, he added.
In January 2021, we had launched a new Central Sector Industrial Development Scheme of Rs 28,400 crore offering four types of incentives for the industrial sector. Against the expected proposals of Rs 15,000 to 20,000 crore, proposals worth Rs 53,000 crore have been received by the UT administration, out of which proposals worth Rs 38000 crore have already been approved, the Lt Governor said.
The Lt Governor further said that in order to facilitate the industries and manufacturing units, Land Use Policy was reformed in the UT and private industrial estates are also being promoted. ‘With all 235 services made online for ease of doing business and 180 services made available on single window system. We have turned red tape into red carpet and we seek to build a more modern economic edifice’, he added.
The Lt Governor said that tremendous progress has been made in upgrading infrastructure, connectivity and a host of incentives are available now for new investments. Infrastructure projects worth Rs one lakh crore are already ongoing in J&K, he added.
For better power supply, six new hydro power projects are being set up, besides the supply chain has been strengthened and skilled manpower for Industry 4.0 technology is also being created in collaboration with IITs, NITs and Tata Technology for providing knowledge and human capital to the industries. Jammu and Kashmir has cheapest electricity, the lowest crime rate and is giving 400% more incentives as compared to other developed states/UTs, the Lt Governor observed.
Recently a delegation of 30 multinational companies came to J&K and at least 15 to 20 UAE companies are expected to invest in the UT. Dubai’s Emaar group is going to develop 500,000 sq ft shopping mall in Srinagar.
A group of businessmen from UAE had also met Hon’ble Prime Minister during his visit to J&K on April 24, which has infused new confidence, new energy in the Union Territory, the Lt Governor added.
On the occasion, the Lt Governor also extended invites to Industry leaders to come to J&K for exploring business opportunities and becoming partners in UT’s unprecedented developmental journey.