Indian Family Business Awards 2021 | J&K received investment proposals worth Rs 52,000 crore: L-G Manoj Sinha

Jammu and Kashmir Lieutenant Governor Manoj Sinha on April 29 said that the Union Territory received proposals worth Rs 52,000 crore and the erstwhile state was witnessing an economic turnaround since the abrogation of Article 370 in August 2019.

Sinha said that the administration turned the red tape into a red carpet to build a more modern economic edifice and was working in the direction of establishing peace, instead of buying it, as the previous governments sought to do.

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“Earlier, some laws had been suppressing opportunities for investment in Jammu and Kashmir. The moment Prime Minister Narendra Modi abrogated laws (Article 370) in August 2019 and ensured complete integration of Jammu and Kashmir, opportunities opened up in the UT,” Sinha said at Moneycontrol Pro's Indian Family Business Awards 2021.

“After January 2021, an industrial development scheme was started by the Central government. The scheme proposed an investment of Rs 28,400 crore… We took time to roll out the scheme because of the second wave of COVID-19. You will be surprised to know that today we have received proposals for investments worth Rs 52,000 crore. Of this, we have approved the business proposals worth Rs 38,080 crore,” Sinha said.

The erstwhile state has been under the Centre’s rule following the collapse of the coalition government headed by People’s Democratic Party (PDP) leader Mehbooba Mufti after alliance partner Bhartiya Janata Party (BJP) called off its support. The government revoked the Jammu and Kashmir's special status under Article 370 and bifurcated it into the UTs of Jammu and Kashmir, and Ladakh on August 5, 2019.

The LG said that the administration is extending all possible help to industries intending to buy land for manufacturing units. All 235 services of ease of doing business have been made online. Another 180 services are available under a single window, he said.

“We have turned the red tape into red carpet and we seek to build a more modern economic edifice,” Sinha said.

Development works worth Rs one lakh crore are underway for constructing roads and tunnels in the state, Sinha said adding that there has been improvement in the generation of power too.

“J&K could produce less than 3500 MW electricity in 72 years and I want to assure you that in the coming four years we will be enabled to generate another 3,500 MW electricity,” he said.

Electricity and diesel/petrol are available in Jammu and Kashmir at the cheapest rates in the country. The crime rate is also less than in other states, Sinha added.

On April 24, Prime Minister Narendra Modi said "democracy has reached grassroots in Jammu and Kashmir." The PM launched development projects worth Rs 20,000 crore from Palli village in Jammu's Samba district which has been billed as India’s first carbon-neutral panchayat.

Also, read | Democracy has reached grassroots in J&K, central schemes moving fast: PM Modi in Jammu

"I am appealing to all leading family businesses to come and invest in Jammu & Kashmir. I assure you that the best facilities among all states and Union territories will be provided to you in J&K," Sinha said.

Sinha also highlighted how businessmen from gulf countries were interested in Jammu and Kashmir.

“Emaar group has been given a 5,000 square feet land to construct a mall in Srinagar. Two IT towers in Srinagar and Jammu are also coming up,” he said.

A delegation from UAE had come. They are interested to invest. A delegation of UAE businessmen also met PM Modi. PM Modi also met UAE delegations on the sidelines of the event

The LG said collection of GST, excise, sales tax, and stamp duty also witnessed growth in FY-22 in J&K.

“The GST collection has increased by 23 percent, excise has increased by 30 percent, stamp duty has shown an increase of 56 percent,” he said.