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Jammu, Nov 30 (PTI) Jammu and Kashmir Lieutenant Governor Manoj Sinha on Tuesday said proposed investment in the union territory is expected to cross Rs 51,000 crore by the end of this fiscal and the government is coming up with rules governing change of land use to facilitate the setting up of business enterprises on private land.

He further said industrial development scheme outlay is being enhanced to meet the growing investment demand in Jammu and Kashmir.

Sinha was interacting with industry leaders in Kolkata and invited them to invest in the union territory (UT), an official spokesman said.

The event, organised by the Jammu & Kashmir Trade Promotion Organisation (JKTPO), Department of Industries and Commerce, J&K in association with Confederation of Indian Industry (CII), was attended by industrialists and investors from eastern India.

Discussing the host of interventions made by the UT government for creating a sustainable and competitive industrial ecosystem in the region, the Lt Governor made several important announcements.

He announced the enhancement of the industrial development scheme outlay to meet the exceeded expectation of investments in Jammu and Kashmir.

“The proposed investment has already reached Rs 31,000 crore and is expected to cross Rs 51,000 crore by the end of the financial year. Given the response received, the government is enhancing the scheme outlay to meet the demand,” the LG said.

With the quantum jump witnessed in the proposals received for setting up business enterprises, the demand for land has correspondingly increased.

To meet the growing demand, land bank is being developed across the UT.  Sinha announced that the government is coming up with the rules governing change of land use shortly to facilitate the setting up of business enterprises on private land.

“This will ensure the seamless establishment of business enterprises on private lands. Business enterprises coming up on private land shall be entitled to all the incentives as per extant policy and procedure,” he added.   Due to the second wave of COVID and subsequent lockdown, several new industrial units have not been able to come into production within the specified timelines.

To redress the issue, the government is mulling to give a one-time extension to such units up to March 31, 2022 for coming into production, Sinha said.

He added that J&K is on a mission to renovate, reinvent, and is ready to take a quantum leap to become the fastest-growing region in the country, pushing the targets for economic growth and employment.

Our aim is to deepen the trust with business conglomerates, build the industrial base and strengthen the socio-economic stability, Sinha observed.

Under the guidance of the Prime Minister and Home Minister, the UT worked out a blueprint to unlock investment flows and it is in the process of developing a business culture and industrial ecosystem in Jammu and Kashmir that has been missing since Independence, the Lt Governor noted.   Sinha also said Jammu and Kashmir is one of the best destinations in the country for setting up new businesses with the best incentives and improving infrastructure.

“We are fulfilling all the crucial requirements of the industries including transparent policy of land allotment, private industrial estate development, ensuring ease of doing business…

“… the administration has actively worked with solutions approach and introduced around 160 new initiatives and reforms in a short period of time,” he added.

Promotion of industrial units, providing capital incentives, a liberal capital interest subvention, GST linked incentive, ease of doing business, development of sector-specific industrial estates and parks and single window system are some of the reforms brought in by the government, he noted.

“The single window portal is being made live with 120 online services. For keeping in sync, the J&K single window portal is being integrated with national single Window system shortly.  “Further, J&K shall be the first UT to implement all the 301 business reform action points under ease of doing business initiative by 31st December this year,” informed the Lt Governor.

Sinha also said the region offers abundant raw materials for agro and food processing, land, labour, and competitive means of transportation.

Besides, there is an “amazingly easy interface with the government” through responsive governance and minimum government, in addition to being logistically the most attractive region with industrial land bank and international air cargo facility, he said.

In addition, by December 2022 train services will also reach Kashmir, giving alternate all-weather connectivity to the valley, he added.

“This is the dawn of a new era for the growth, development, and overall well-being of the people of J&K. Barriers to trade and commerce have been removed.

“The people of J&K can now fully enjoy the rights and benefits enjoyed by all other citizens of India,” he said. PTI AB ABM ABM