J&K witnessing economic turnaround since abrogation of Article 370: Sinha

The Lieutenant Governor of Jammu and Kashmir Manoj Sinha said that the Union Territory has been witnessing an economic turnaround since the abrogation of Article 370. Moreover, he also appealed to family businesses for investing in the erstwhile state while assuring best facilities in the country.

“Earlier, some laws had been suppressing opportunities for investment in J&K. The moment Prime Minister Narendra Modi abrogated Article 370 on August 2019 and ensured complete integration of the erstwhile state with India, opportunities opened up in the UT,” Sinha said at Money control Pro’s Indian Family Business Awards 2021.

Asserting that the focus of the J&K administration has always remained on improving the region’s economy, he said that the Union territory is witnessing an economic turnaround since August 5 despite the COVID-19 pandemic has affected the growth plans.

“After January 2021, an industrial development scheme was started by the Central government. The scheme proposed an investment of Rs.28,400 Crore… We took time to roll out the scheme because of the second wave of COVID-19. You will be surprised to know that today we have received proposals for investments worth Rs.52,000 crore. Of this, we have approved the business proposals worth Rs.38,080 crore,” Sinha said.

He said that the administration is extending all possible help to industries intending to buy land for manufacturing units. All 235 services of ease of doing business have been made online. Another 180 services are available under a single window, he said

“We have turned the red tape into red carpet and we seek to build a more modern economic edifice,” Sinha said.

Inviting family businesses for investments in J&K, Sinha assured the best facilities in-country and a paperless process.

“I am appealing to all leading family businesses to come and invest in Jammu & Kashmir. I assure that the best facilities among all states and Union territories will be provided to you in J&K,” Sinha said, adding that the overall business environment has received an impetus in the Union territory, with collections under GST, excise, sales tax and stamp duty going up.

“The GST collection has increased by 23 per cent, excise has increased by 30 per cent, stamp duty has shown an increase of 56 per cent,” he informed.

“There is a culture of family businesses in Jammu & Kashmir as well. Family businesses have played a key role in handicrafts, pashmina, carpet and horticulture industries,” Manoj Sinha said.

He added that the administration had provided relief to all businesses in the region during the COVID-19 period.
He further said that the family businesses today contribute up to 80 per cent to India’s GDP.

“Family businesses have “contributed in nation-building” and are “bedrock of jobs and growth,” LG said.

“Family businesses provide utility to customers, generate jobs, fund startups and have a “key role to play in achieving the (USD) 5 trillion economies”, he said.

“IMF’s GDP projection pegs India at the highest for 2022. This shows rapid growth can only happen due to swift economic reforms,” J&K LG Manoj Sinha said, adding that the credit should go to Prime Minister Narendra Modi for expediting the process of economic growth.

Sinha also highlighted how businessmen from gulf countries were interested in Jammu and Kashmir.

“Emaar group has been given a 5,000 square feet land to construct a mall in Srinagar. Two IT towers in Srinagar and Jammu are also coming up,” he said.

“A delegation from UAE had come. They are interested to invest. A delegation of UAE businessmen also met PM Modi. PM Modi also met UAE delegations on the sidelines of the event on April 24,”he informed.

Prime Minister Narendra Modi addressing a massive public rally in Jammu said that the democracy has reached the grassroots in Jammu and Kashmir and launched development projects worth Rs.20,000 crore.

Sinha informed that the Development works worth Rs.1 lakh crore are underway for constructing roads and tunnels in the state, Sinha said adding that there has been improvement in the generation of power too.

“J&K could produce less than 3500 MW electricity in 72 years and I want to assure you that in the coming four years we will be enabled to generate another 3,500 MW electricity,” he said.

Electricity and diesel/petrol are available in Jammu and Kashmir at the cheapest rates in the country. The crime rate is also less than in other states, Sinha added.