'Rs 10,000 cr annual package needed to boost JK economy'


Jammu, Jan 31: An annual package of Rs 10,000 crore from the Centre for five years is needed to boost Jammu and Kashmir economy, industry body Assocham said today. "Assocham has suggested an annual special package of Rs 10,000 crore per year for five years from the central government to boost small and medium enterprises, food processing, horticulture, tourism and hospitality, IT/ITeS, BPO and other potential industries," Assocham's National Secretary General, S Rawat told reporters here.
 "Constant flow of private investments and large industries is imperative to bring about sustainable growth, development, jobs and the long-lasting peace in the state," Rawat said while jointly releasing the chamber paper along with Chairman, Entrepreneur Development Council, Babau Lal Jain, here. The strategy paper said that J&K has attracted live investments worth just over Rs 1 lakh crore out of the total live investments worth over Rs 140 lakh crore in India as of December 2012.
 Government is the major investment source in J&K evidently as 1.3 per cent of the total investments made by the central government across states was put in J&K while the state attracted a meagre 0.3 per cent of the total investments made across India by the private sources.
 "Out of the total 7,109 live investment projects worth about Rs 58 lakh crore from all government sources across India, J&K attracted 187 projects worth over Rs 1 lakh crore and of the total 9,950 live investment projects worth about Rs 83 lakh crore from private sector, J&K attracted 28 projects worth just over Rs 27,600 crore", Rawat said. "While the frontline states in India are competing to attract domestic and foreign investors, J&K on the other hand could not attract any foreign investment as of the aforesaid period", he said. The services sector accounts for the highest share of over 55 per cent in the total live investments attracted by J&K followed by electricity which has garnered a share of over 42 per cent while share of rest of the significant sectors like manufacturing, mining, irrigation and real estate has remained below one per cent, he said.

Lastupdate on : Thu, 31 Jan 2013 21:30:00 Makkah time
Lastupdate on : Thu, 31 Jan 2013 18:30:00 GMT
Lastupdate on : Fri, 1 Feb 2013 00:00:00 IST

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