LG Manoj Sinha credits Centre's incentive scheme for J&K's industrial boom

Jammu and Kashmir Lieutenant Governor Manoj Sinha on Friday outlined the rapid industrial growth in the Union Territory over the last four years and credited the Narendra Modi government for helping the region attract industrial investment on a massive scale.

In an exclusive interview to Moneycontrol, Sinha spoke about the expansion of the hospitality sector and the success of the government-backed industrial scheme in Jammu and Kashmir.

"Over 5,000 new hotels have come up in J&K in the last four years. If you add the cost of Rs 6-7 crore per hotel, that is the amount of investment the region has witnessed. It has also created economic opportunities for the locals," Sinha told Brajesh Kumar Singh, Group Editor-Convergence, Network18 during Moneycontrol Hindi's podcast 'Samvad'.

He praised the Centre for aiding industrial development in J&K, particularly through the new industrial scheme introduced by the Indian government.

"Home minister Amit Shah took a personal interest in the initiative. The Centre allocated a Rs 28,400 crore package for J&K's industrial development, and I am happy to say that we utilized the entire scheme amount within just three years, even though it was designed for a 10-year period. We have now requested the Centre to enhance the scheme's funding," he said.

In 2021, the Centre had approved an incentive package worth Rs 28,400 crore to bring industrial development in the Union Territory.

According to Sinha, the industrial push has already started yielding tangible results. "On the ground, production worth over Rs 10,000 crore has already begun. The J&K Industry Department has received proposals exceeding Rs 1.5 lakh crore. We are also developing 46 new industrial estates to provide land for industries".

The Lieutenant Governor also highlighted the booming startup ecosystem in J&K.

"The startup policy was launched in 2021-22, and I am happy to say that over 1,000 startups are now registered with the Ministry of Commerce. And over 380 of them are led by women," he said, pointing to increased entrepreneurial activity in the region.

Exports have also seen a significant rise, particularly in traditional industries. "Exports of handicraft, pashmina and carpets have doubled in four years, and the Government of India has helped in that," Sinha said.

Watch the full interview: