In a promising development, Jammu & Kashmir’s Lieutenant Governor, Manoj Sinha, announced on Tuesday that the union territory has attracted business proposals in the industry sector exceeding ₹86,000 crore. Efforts are underway to materialize these proposals and foster economic growth.
Speaking at an Engineering Export Promotion Council event, Sinha emphasized the favorable business climate in the region and urged new investments. He highlighted the United Arab Emirates’ Emaar Group’s plans to construct a shopping mall and an IT tower in Srinagar as an indicator of growing interest in the region.
Sinha underscored the robust agriculture sector in the union territory, noting its significant role as a major producer and exporter of apples, cherries, and walnuts.
Inviting industry players to seize opportunities across various sectors, Sinha outlined attractive incentives, including reduced power tariffs, capital investment benefits, and interest subvention, making J&K more appealing than other states.
J&K boasts a growing industrial base, currently hosting 51 industrial estates, with more in development. Sinha also highlighted the increasing tourist inflow, expected to surpass 2.25 crore this year, compared to 1.88 crore last year.
The union territory’s efforts align with the ‘Atmanirbhar Bharat Abhiyaan,’ contributing to scaling up engineering goods exports. The Engineering Export Promotion Council Chairman, Arun Kumar Garodia, acknowledged the government’s timely measures, enabling engineering exports to surpass $100 billion in FY22.
