Kolkata, Nov 30 (UNI) Jammu and Kashmir Lieutenant Governor Manoj Sinha on Tuesday invited the industry leaders to invest in the Union Territory, an official spokesman said.

Sinha interacted with the industry leaders in Kolkata at an event which was organized by Jammu & Kashmir Trade Promotion Organisation (JKTPO), Department of Industries and Commerce, J&K in association with Confederation of Indian Industry (CII) including Industrialist/Investors from Eastern India.

While discussing the hosting of interventions made by the UT Government for creating a sustainable, balanced, progressive and competitive industrial ecosystem in the region, the Lt Governor made several important announcements on the occasion.

The Lt Governor has announced the enhancement of the Industrial Development scheme outlay to meet the exceeded expectation of Investments in Jammu Kashmir.

‘The proposed investment has already reached Rs. 31,000 Cr and is expected to cross Rs.51,000 Cr by the end of the financial year. Given the response received, the government is enhancing the scheme outlay to meet the demand’, the Lt Governor observed.

With the quantum jump witnessed in the proposals received for setting up business enterprises, the demand for land has correspondingly increased, and to meet the growing demand, Land Bank is being developed across the UT. The Lt Governor announced that the UT government is coming up with the rules governing change of land use shortly to facilitate the setting up of business enterprises on private land.

"This will ensure the seamless establishment of business enterprises on private lands. Business enterprises coming up on private land shall be entitled to all the incentives as per extant policy and procedure," the Lt Governor added.

Due to the second wave of Covid and subsequent lockdown, several new industrial units have not been able to come into production within the specified timelines. To redress the issue, the Government is mulling to give a one-time extension to such units, upto March 31, 2022 for coming into production, announced the Lt Governor.

Speaking on the occasion, the Lt Governor said that J&K UT is on a mission to renovate, reinvent, and ready to take a quantum leap to become the fastest-growing region in the country, pushing the targets for economic growth and employment.

"Our aim is to deepen the trust with the business conglomerate, build the industrial base and strengthen the socio-economic stability," observed the Lt Governor.

"Under the guidance of Hon’ble Prime Minister and Hon’ble Home Minister, we worked out a blueprint to unlock investment flows and are in the process of developing a business culture, an industrial ecosystem in J&K that has been missing since Independence," the Lt Governor noted.

Elaborating on the efforts being made by the UT Government to encourage new investment, and to nurture the existing industries, the Lt Governor said that J&K is one of the best destinations in the country for setting up new businesses as of now with the best incentives and improving infrastructure facilities.

“We are fulfilling all the crucial requirements of the industries including transparent policy of land allotment, private industrial estate development, ensuring ease of doing business, besides the administration has actively worked with solutions and introduced around 160 new initiatives and reforms in a short period of time”, the Lt Governor observed.

"Promotion of industrial units, providing capital Incentive, a liberal capital Interest subvention, GST Linked Incentive, Ease of Doing Business, development of sector-specific Industrial Estates and Parks, Single Window system, are some of the reforms brought in by the government to unleash the potential of the industrial sector, the Lt Governor added.

The Single Window Portal is being made live with 120 online services. For keeping in sync, the J&K Single Window Portal is being integrated with the National Single Window System shortly. Further, J&K shall be the first UT to implement all the 301 business reform action points under Ease of Doing Business initiative of DPIIT by 31st December, 2021," informed the Lt Governor.

Highlighting the immense possibilities presented by Jammu & Kashmir, the Lt Governor observed that the region offers abundant raw material for Agro & Food processing, manufacturing, land, labour, quick and competitive means of transportation. Besides, there is an ‘amazingly easy interface with the government’ through responsive governance & minimum government, in addition to being logistically the most attractive region with industrial land bank, sector-specific policy and international air cargo facility. In addition, by December, 2022, the train will also reach Kashmir giving alternate all-weather connectivity to the valley, he added.

The Lt Governor further announced that the UT administration has a detailed “What you need” plan ready because we know that everybody wants a return on their investment sooner than later.

“This is the dawn of a new era for the growth, development, and overall well-being of the people of J&K. Barriers to trade and commerce have been removed. The people of J&K can now fully enjoy the rights and benefits enjoyed by all other citizens of India,” the Lt Governor observed.

The event was attended by over 40 delegates and some prominent industry groups included Tata Steels, Haldia Petrochemicals, Anmol Feeds, Eveready Industries, KCT Industries, Herbalife Industries, Green Ply Industries, Titagarh Wagons, Apeejay Surrendra Park Hotels Limited

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