Jammu: Jammu region alone has received Rs 12,000 crore worth investment from the industrialists across the nation out of a total of Rs 23,000 crore worth proposals finalized by the Union Territory Government so far while a delegation of the Government is expected to visit Dubai in December this year for attracting investments from abroad.
“Jammu and Kashmir Government has so far cleared investment proposals to the tune of Rs 23,000 crore from various industrialists and many more are in final stage of approval while some others were under consideration. The proposals continued to pour in,” reported daily excelsior quoting official sources.
.“Out of the total of Rs 23,000 crore worth proposals approved by the Union Territory Government so far, Rs 12,000 crore investments has come in Jammu division and Rs 11,000 crore in Kashmir,” they said, adding presently Jammu division has been leading in attracting investment from the industrialists.
They said the investment has come in different sectors and there were some big names as well which will be formally revealed shortly by the Government. Further, they added, while Jammu and Srinagar remained preferred choice of the business houses many investment proposals have been cleared for other districts also to ensure that entire Union Territory is benefitted by the new Industrial Policy.
Initially Jammu and Kashmir Government was expecting investments to the tune of around Rs 28,000 crore and generation of 4-5 lakh jobs. However, going by response from the industrialists the Government has revised the target of investments to Rs 50,000 crore and generation of jobs to around 10 lakh.
However, locals were of the view that the investment in industrial sector as well as generation of jobs are not visible on the ground.
“No where we have so far seen the industry coming up or even advertising the jobs. Everything appears to be on the papers only till now,” they said, adding if the claims being made by the Industry Department of Jammu and Kashmir are genuine they should disclose which business house is installing units in the region and in which Industrial Estate.
Even the local industry is in tatters and no major incentives have been extended to them so far, they said.
Youths were of the view that they will recognize the Government claims on bringing investments running into thousands of crores in Jammu and Kashmir only when the industry starts engaging local youth.
Government sources were, however, of the view that impact of investments will be visible on the ground in next couple of months when the industry will start establishing their units. The process could take some time but the industry has shown very keen interest in investing in the Union Territory after announcement of the new Industrial Policy which has given many incentives to the investors.
Asserting that there were many big names among the investors in Jammu and Kashmir, sources pointed out that the initial fear psychosis among the industrialists is now gone as they feel the conditions are quite conducive for setting up their units. Moreover, the incentives in the Industrial Policy are also attractive. The Government has, however, ensured in the Policy that the incentives are not misused.
Meanwhile, the Jammu and Kashmir Government is expected to attract more investments from Dubai when a Government delegation will be visiting there in December this year for the purpose.
Sources said the Union Territory Government has been granted timing in Dubai in the month of December which is considered as peak season of investments.
While some proposals of investments in Jammu and Kashmir have already been received from abroad the Government is expecting more foreign investment after the delegation’s visit to Dubai in December.
Sources were, however, non committal on whether the Investors Summit now will be held or not saying it was necessitated to attract investors but the Government has already exceeded the target of investments. But they added that it can be held depending on the requirements.