According to media reports, the implementation of the New Industrial Policy (NIP) 2021 in Jammu and Kashmir since April 1, 2022, is yielding positive outcomes, as the region is emerging as an attractive investment destination. In a significant development, investments amounting to approximately $297 million have been made in Jammu and Kashmir within a single year, marking a milestone since 1947.
The establishment of new business units during the Financial Year 2022-23 has resulted in the creation of employment opportunities for over 10,000 young individuals, as reported by the Indian news agency ANI. Officials have shared that a total of 5,327 investment proposals have been received under the New Industrial Policy, with an expected investment of about $9.86 billion in Jammu and Kashmir in the coming years.
In the Financial Year 2023-24, work has commenced on industrial units that are projected to attract an investment exceeding $731 million. These enterprises are anticipated to generate employment for thousands of individuals in the near future.
Since 2022, the Jammu and Kashmir Industries Department has allotted land to 1,854 units, out of which 854 have already paid the premium. Additionally, 560 units have signed lease deeds and taken possession of the allocated land for initiating their operations, as required by the NIP, states ANI’s report.
Notably, the New Industrial Policy has an expenditure allocation of $3.77 billion, making it the largest incentive to date, dedicated to the industrial development of Jammu and Kashmir over the next 15 years. It is expected to attract investments worth $2.8 billion and create employment opportunities for 450,000 individuals during the plan period.
