Jammu and Kashmir Lieutenant Governor Manoj Sinha announced an industrial development plan of Rs 28,400 crore for the union territory. The scheme will encourage new investment, substantial expansion and existing industries in Jammu and Kashmir.
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While the new industrial policy will speed up the development of the state, on the other hand, 4.5 lakh people will also be provided employment. It mainly aims to give more benefits to the production and services sector. The Lt. Governor said that in the last 16 months, Jammu and Kashmir has emerged as an area of new opportunities with a guarantee of prosperity and economic success.
He said that this industrial development plan is till the period of notification till 2037. 28,400 crores will be spent in this. This will encourage new investment. At the same time, existing industries will expand in Jammu and Kashmir. The Lt. Governor said that till 2019, the total amount released by the central government in the industrial policy was 1123.84 crore, while the new policy has a historical outlay of Rs 24,800 crore.
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Development and employment opportunities:
- With the implementation of the new industrial policy, employment opportunities will be available in Jammu and Kashmir facing unemployment. Four and a half million youth will get direct and indirect employment.
- Industrialization will increase employment in areas such as agriculture, horticulture, fisheries, animal husbandry, milk production.
- With this, private investment will be promoted and there will be continuous development in Jammu and Kashmir.
- The entire industrial area of Jammu and Kashmir is being transformed.
- Jammu and Kashmir is being made eligible for competition at the national level.
- 28,400 crore would be estimated to cost.
- Promotion of industry at block level in Jammu and Kashmir