Srinagar, Nov 9: Jammu and Kashmir administration has engaged Central Public Sector Undertakings (CPSUs) and has rigorously enforced strict deadlines to guarantee the punctual development of new industrial estates within the Union Territory (UT).
According to an official document from the Industries and Commerce Department, a total of 46 new Industrial Estates spanning an area of 17,012 kanals are currently under development, bringing the total number of estates in the region to 110. To expedite the process, Central Public Sector Undertakings such as NBCC and IRCON have been enlisted for the development, with the Central Public Works Department (CPWD) handling six additional industrial estates.
As per the Industries Department’s Compendium, under the Memorandum of Understanding (MoUs) signed with NBCC and IRCON, the target for the completion of these Industrial Estates is set at 18 months, commencing from April 2023. “The department is also taking action to prioritise essential infrastructure elements, including road networks, electricity, and drainage, with plans to make them available by the end of the fiscal year 2023-24.”
Additionally, three Industrial Estates (Rakh Rara in Samba, Meereth in Kathua, and Rakh Aks Gund in Bemina Srinagar) are being developed by the Industrial Development Corporation (IDC) and are expected to become functional by March 2024, the official document states.
Another six Industrial Estates (Mand in Udhampur, Katli Dhiani in Samba, Seen Thakran in Udhampur, Seer Jagar Tulibal in Baramulla, Khrew in JK Cement Land Pulwama, and Barsoo in Ganderbal) will be developed by CPWD.
The allocation of Industrial Estates includes seven for IRCON, eight for NBCC, four for SIDCO/SICOP and six to be established by CPWD. Furthermore, the official data reveals that new land has been identified and intents were placed for 26,815 Kanals for additional Industrial Estates to be set up.
The Union Territory has achieved remarkable success in attracting investments, securing Rs 1,752 crore within the first six months of the fiscal year 2023-24, laying the foundation for another year of significant economic growth.
This achievement follows the record-breaking fiscal year 2022-23, where Jammu and Kashmir witnessed the highest-ever investments, totalling Rs 2,153 crore, as indicated in government figures. These investments have not only bolstered the economy but also generated substantial employment opportunities, according to a recently released compendium by the Industries and Commerce Department, these investments have resulted in the creation of 11,091 direct employment opportunities and 5,582 indirect employment opportunities, including subcontracting on the same project sites.
The compendium also reports that the region has received 6,231 investment proposals with a combined investment of Rs 87,923 crore, potentially creating employment for 3,92,162 individuals. Notably, 1,072 units have received premium status, attracting investments of Rs 14,940 crore and offering employment to 72,874 people.
To further encourage investments in Jammu and Kashmir, the Central Government has introduced the New Central Sector Scheme (NCSS), with a financial outlay of Rs 28,000 crores. This scheme offers a remarkable return on investment (ROI) of up to 400% and provides fiscal incentives to Micro, Small, and Medium Enterprises (MSMEs) for establishing their units within the Union Territory.
The Industries and Commerce Department highlights that, following the implementation of the new industrial policy, the average investment per kanal has surged to Rs 2.24 crores based on land premium received, representing a significant increase from the previous Rs 0.24 crores per kanal.