Jammu & Kashmir Newsfeed The Lead

J&K inks 456 MOUs for potential investment of Rs 23000 crore

SRINAGAR, Apr 06: Jammu & Kashmir has inked 456 memoranda of understanding (MOUs) with different companies to bring in investment worth Rs 23,152 crore.

Documents in possession of news agency—Kashmir News Observer (KNO) reveal that 456 MoUs amounting to Rs 23,152.17 crore have been signed by the J&K administration with potential investors since the creation of UT.

The UT of J&K came into existence on October 31, 2019 when the erstwhile state of J&K was dismembered into two UTs.

After the imposition of Governor’s rule in June 2018 when Jammu & Kashmir was still a state, the administration started making efforts to attract investments in different sectors.

It planned to hold maiden flagship business event – J&K Global Investors Summit, but it was postponed due to COVID-19.

The local administration has also undertaken reforms undertaken to build an investor-friendly ecosystem in the Union Territory.

The Centre has also unveiled a new scheme to bring about radical transformation in the existing industrial ecosystem of J&K which will enable it to compete with other States/ UTs of the country. The scheme is for the duration of 2021-22 to 2036-37 with financial outlay of Rs. 28,400 crore.

The scheme aims to give fresh thrust to industry and services led development of J&K with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing one.

It is worthwhile to mention that the administration has also identified 14 focus sectors for investment in the UT—(KNO)

 

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