J&Ok is now a brand new funding vacation spot; cuts pink tape, lays pink carpet [details]

Lieutenant Governor Manoj Sinha has causes to assert that Jammu and Kashmir has emerged as a favorite vacation spot of international and home traders as a result of over the last some months the Union Territory has acquired funding proposals price Rs 56,000 crore.

“Since Independence, Jammu and Kashmir had received private investments to the tune of Rs 14,000 crore only”, the Lieutenant Governor mentioned however added that after the introduction of the brand new Industrial Development Scheme following the abrogation of Article 370 the UT has acquired funding proposals price Rs 56,000 crore.

While addressing traders and enterprise leaders in Dubai on January 6, 2022, the Lieutenant Governor mentioned the UT of J&Ok now has a sage and conducive surroundings for the companies to flourish, moreover having a younger inhabitants and a demographic dividend to its benefit.

“We are devising new paths, new policies, creating critical infrastructure, and unlocking the business potential of Jammu Kashmir to strengthen our business ecosystem for the post-pandemic world and embarking on the journey of growth and development”, he mentioned.

“J&K has the capability to provide an opportunity to industries to compete, connect and collaborate with its readily available abundant resources. In the last some months, J&K has transformed from a sleeping business destination to the land of opportunities and investment”, the Lt Governor mentioned.

Due to clear insurance policies, and ease of doing enterprise, we have been in a position to clock funding proposals price Rs.45,000 crore and a further Rs.18,300 crore in the true property sector, added the Lt Governor.

“Jammu Kashmir is rising. The best time to invest in J&K is ‘now’. Our performance shows the world has an opportunity to develop and grow with the enormous opportunities Jammu Kashmir offers at this exciting period of time”, Lt Governor mentioned.

“I have set a high target of economic growth for Jammu Kashmir, which is the crown jewel of India. With the ageless culture visible in the layers of history and as a witness to the co-existence of almost all major religions known to humankind, Jammu Kashmir has created an inclusive cultural ecosystem for the country” the Lt Governor additional added.

Business homes from Gulf are investing in J&Ok

Many enterprise homes from overseas particularly from Gulf international locations are eager on investing within the Union Territory.

Jammu and Kashmir is ready to grow to be the highest funding vacation spot within the nation because it races as much as numerous infrastructure tasks and is reaching out to international and home traders via a number of boards and industrial summits.

According to officers, traders from international international locations significantly middle-east are eager to put money into J&Ok with an funding of many folds which Jammu and Kashmir haven’t acquired within the final 75 years.

Before arriving in Palli village in Samba to take part within the celebration of National Panchayati Raj Day celebrations on April 24, 2022, at Jammu, Prime Minister Narendra Modi met the massive delegation from UAE.

The Prime Minister mentioned {that a} new story of growth is being written and lots of non-public traders are all for Jammu and Kashmir. For seven a long time of independence, non-public funding of solely Rs 14,000 crore could possibly be made in Jammu and Kashmir. But, this funding is now reaching round Rs 38,000 crore.

Dubai’s Emaar Group shall be developing Shopping Maal. Lulu Group can be investing in Jammu and Kashmir.

The Lieutenant-Governor’s administration in Jammu & Kashmir labored onerous to persuade Dubai-based traders to discover funding potentialities within the Union Territory.

During the Dubai summit Jammu and Kashmir has signed 5 MoUs with Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-commerce respectively; 1 LoI between Magna Waves Pvt. Ltd together with Emaar Group and Lulu International.

Domestic traders eager on investing in J&Ok after the abrogation of Article 370

JSW Steel Ltd. and Apollo Hospitals Enterprise Ltd. turned the primary main firms to purchase land for his or her tasks after the abrogation of Article 370 in 2019.

The possession of 70 kanals of land (8.75 acres) has already been handed over to JSW Steel Ltd. In Pulwama’s Lassipora industrial space it arrange an Rs150-crore metal plant.

Similarly, Apollo Hospitals is establishing a 250-bed tremendous specialty hospital within the Jammu area. The administration has already earmarked 100 kanals (12.5 acres) at Jammu’s Miran Sahib for a medi-city, which is able to accommodate the nation’s prime well being sector corporates to speculate right here.

In Kashmir, Medi-city is arising on 368 kanals (46 acres) in Sempora of south Kashmir’s Pulwama district as many teams have additionally proven equal curiosity to put money into the medi-city. The Administrative Council had authorized the switch of land measuring 750 Kanals in favour of the Industries & Commerce Department for establishing a Medicity.

The Operationalization of the Medicity will convey world-class well being care infrastructure and amenities to the area, moreover offering employment alternatives to the medical/pharma professionals, native pharmacists, and distributors.

• J&Ok Private Industrial Estate Development Policy, 2021-30 notified.

• Single Window Clearance Rules notified.

• J&Ok Industrial Land Allotment Policy 2021-30 notified.

• J&Ok Industrial Policy 2021-30 notified.

• First ever FDI Policy 2020 notified.

• Change of Land use allowed for the conversion of agricultural land for non-agricultural functions.

• Ist ever J&Ok Real Estate Summit 2021 held 250 prime builders from throughout the nation take part.

• GoI’s Model Tenancy Act adopted by the Government of J&Ok Portals for Real Estate Regulatory Authority and Auction of the belongings, allotment of dwelling items/plots of the J&Ok Housing Board, Jammu Development Authority, and Srinagar Development Authority launched

• Project for changing 336 BSUP flats at Sunjwan, Jammu into Affordable Rental Housing Complexes launched together with the development of 760 flats at Bhalwal and 208 at Muthi, Jammu for EWS underneath PMAY.

• MoU signed between the Government of J&Ok and National Real Estate Development Council (NAREDCO) for skilling 10000 individuals in actual property underneath NULM.

• MoU signed between Housing Board, J&Ok, and Central Government Employees Welfare Housing Organisation (CGEWHO) for the event of Housing Colonies for Government Employees.