Lt.Governor Manoj Sinha called for large scale investment by Indian industrialists in Jammu & Kashmir

Partha Roy, Kolkata: Jammu & Kashmir Lt. Governor Shri Manoj Sinha called upon Indian industrialists to invest and develop large industries in the union territory during a special session organised by Asia’s oldest business chamber Calcutta Chamber of Commerce (CCC) which was established in 1830. CCC organised the Special Session on theme “Scope of Industry in Jammu & Kashmir” on 22nd December 2023 in Kolkata.

Shri Manoj Sinha said after abrogation of Articles 370 & 35A , and formation of union territory, Jammu & Kashmir has been undergoing massive changes in every sphere of the economy and in every day life. Terrorism has seen steady decline , while peace , new & affirmative growth initiatives can be visible in every sphere of the union territory- both in Jammu as well as Kashmir regions. Shri Manoj Sinha highlighted it is not only Government initiatives but private new & affirmative initiatives on industrialisation & development of Jammu & Kashmir is laudable.

Shri Manoj Sinha said security situation has improved drastically facilitating free & safe movement of people of all communities residing in the union territory. Shri Manoj Sinha said Jammu and Kashmir is ready to extend all relevant cooperation to industrialists investing in the union territory . He said Government of J& K will extend competitive investment benefits packages in comparison to those are being offered by any other state or union territory in India.

New Central Sector Scheme with financial outlay of Rs. 28,400 crores approved by Government of India with aim to bring industrial development in J&K. Shri Manoj Sinha thanked CCC for facililating “Viksit Bharat”. Shri Vikramjit Singh , Secretary , Industries & Commerce , Government of Jammu & Kashmir made a presention on current investment benefit packages those are being offered to investors of various categories . He also mentioned about opportunity to invest in industries where some parties are initiating disinvestment.

There exist Public Private Partnership (PPP) investment opportunities in tourism. 60 plus brownfield investible projects are available. Shri Singh said focus sectors for investment are Healthcare and Pharmaceuticals , Herbal & Medicinal plants, Manufacturing & Mining, Infrastructure & Real Estate , Tourism & Hospitality , Film Tourism & others.

Shri Singh said today any industrialist can buy land from private landowners to set up industry.
J&K Government will provide industrial land in different industrial estates on lease initially for 40 years which may be extended to 99 years.

In Udhampur, a special industrial estate specially for MSMEs has been set up. J&K is offering 300% assured ROI through GSTLI (GST Linked Incentive)and maximum up to the extent of 400% including all the Incentives in IDS Package. J&K also offering additional Incentives offered on Green industrialisation Capital fixed investment and Stamp Duty. J & K offers lowest cost electricity in India.

Government of J & K steadily initiating steps to scale up “Ease of Doing Business,” in the UT Special financial Incentives are also available to Women Entrepreneurs & Investors in the UT. Shri Hari Shankar Halwasiya , President of Calcutta Chamber of Commerce welcomed the guests . In his welcome address, Shri Halwasiya lauded Industrial Policy of Government of J & K which aims at ” minimum regulation and maximum facilitation” keeping in view the unique geographical location and environmental dynamics of the union territory.

Shri Raj Kumar Chhajer former President & Chairman, Committee on industry,MSME and Trade & Commerce Calcutta Chamber of Commerce moderated the session as well as presented vote of thanks. Shri Chhajer inspired industrialists to visit & explore J & K and said J & K is virgin territory and anyone can invest in any industry .