The fruits of business investments and industries brought into Jammu and Kashmir after 2019 will be visible by the next year, even as the administration is working to achieve a target of securing investments worth Rs 75,000 crore, a top government officer said.
Till now, the erstwhile state has received investment proposals worth Rs 56,867 crore and this is expected to generate more than 2.62 lakh jobs for the youth in the coming times, said the officer who did not wish to be named.
“The Union Territory of J&K has also attracted a lot of interest from foreign investors and this can be pegged at about Rs 3,000 crore,” the officer told a group of visiting journalists here on Saturday.
Jammu and Kashmir is a “good package” as it offers natural advantages in terms of resources and logistics, and this cannot be matched by many other states or union territories, he said.
“It is being said that the business investment made here post-August 2019 is not visible but the fact is that getting industries operational on the ground usually takes about three years.
“We had COVID-19 for two years (2020 and 2021) and things started picking up from September last year,” he added.
The results will be visible in another year and about 500 industries will start by the next month itself, the officer asserted.
The union territory administration has processed and allotted land to 1,600 investors. Out of these, 800 investors have deposited the requisite funds with the government and 110 have even started work, he said.
According to the officer, two main challenges faced by the current administration are “fighting the narrative war and ensuring speed of development works”.
The people of J&K are extremely warm towards tourists and investors, he added.