Investment is expected to reach Rs 35,000 crore in Jammu & Kashmir by December, said Manoj Sinha

By December 2021, the investments in Jammu and Kashmir are expected to reach Rs 35,000 crores, out of which proposal for Rs 25,000 crore funding has already been received, said Lieutenant Governor Manoj Sinha of Jammu & Kashmir on Tuesday.

In a meeting chaired by Finance Minister Nirmala Sitharaman, Manoj Sinha highlighted all the key steps and reforms taken for the better management of the Union Territory’s economy during the Covid-19 pandemic.

He also pointed out the issues that require attention from the Union Government.

Manoj Sinha said that Rs 1,700 crore worth of land had been approved for proposals. Around 3,000 acres of land has been already identified for the development of industrial estates out of the 6,000 acres of land earmarked for the cause.

Manoj Sinha, regarding the steps taken for economic management, said that last year for inclusive growth, a holistic package of Rs 1,353 crore was announced by which accounts of borrowers numbering 3.44 lakh involving Rs 750 crore were benefitted under business revival by an interest subvention of 5 percent.

A virtual conference was held by the Union Finance Minister to interact with finance ministers of all states, chief ministers, and governors of Union Territories.

The aim of the virtual conference was that in the post-pandemic world, through a consultative process, the investment climate in the country could be enhanced and step up investment, growth and infrastructure.

Manoj Sinha, while referring to the tourism sector, said that the Jammu & Kashmir Tourism Policy 2020 had been notified for the growth of the tourism sector.

Manoj Sinha further added that the footfall has increased in the Union Territory during winter months while comparing June 2020, where the number of tourists was around 1,935, to the number of tourists in September 2021, where it has been increased to 12,82,572.

Significant growth in the tax collection was also observed by Manoj Sinha.
For the remaining period of the year, GST target and excise collection are also expected to be achieved.

The challenges and issues faced by the Jammu and Kashmir were also put forth by Manoj Sinha, such as due to unique topography, the cost of delivery services was higher in Union Territory, and also the issue of resources gap.