The Central government revealed on Wednesday that it has made significant investments totaling over Rs 5600 crore across various sectors in Jammu and Kashmir since the abrogation of Article 370 in 2019.
In response to a query, Minister of State in the Ministry of Home Affairs, Nityanand Rai, highlighted the government’s efforts to attract investors and foster economic development in the Union Territory. Rai mentioned the implementation of the New Central Sector Scheme for Industrial Development of Jammu & Kashmir, aimed at incentivizing capital investments from investors.
The government has further introduced a range of policies and schemes to promote investment in Jammu and Kashmir, including the J&K Industrial Policy 2021-30, J&K Industrial Land Allotment Policy 2021-30, and J&K Private Industrial Estate Development Policy 2021-30, among others.
These initiatives have yielded substantial results, with investments of Rs 296.64 crore in 2019-20, Rs 412.74 crore in 2020-21, Rs 376.76 crore in 2021-22, Rs 2153.45 crore in 2022-23, and Rs 2417.19 crore in 2023-24.
Rai emphasized that these investments, spanning sectors like tourism, processing, and infrastructure development, including construction, roads, and power, are poised to accelerate the overall development of Jammu and Kashmir.
The infusion of funds underscores the government’s commitment to fostering economic growth and prosperity in the region.