‘Development of industrial estates, export hubs creation to get focus in Budget 2023-24’

‘Development of industrial estates, export hubs creation to get focus in Budget 2023-24’
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Srinagar, Apr 7: “Development, expansion of new industrial estates, promotion of ease of doing business and creation of export hubs will receive a significant push in the budget earmarked for 2023-24 fiscal”.

This year’s budget elaborates that the Jammu and Kashmir government has identified 29 projects for the development of new Industrial Estates during 2023-24.

The investment proposals for setting up medicines in Jammu and Srinagar had been received for the creation of health infrastructure in the private sector. In this regard, Medicities at Sempora, Srinagar and Meeran Sahib, Jammu are being established to provide better healthcare facilities to the ailing.

The main aim of “One District One Product” is to promote a local product for export. In this regard, Jammu and Srinagar districts have been selected among the 75 districts across India to export local products.

Similarly, 1500 units under Jammu and Kashmir Rural Employment Generation Programme (REGP) are being targeted to be established in 2023-24 involving margin money of Rs 30 crore with employment to 9000 persons.

The Budget has a provision for conducting exhibitions to showcase the industrial potential of the region besides organizing workshops on capacity building and start-up promotion. The budget has also earmarked funds for providing Turnover Incentives to boost industrial development entailing an increase in employment.

Introduction of quality certification with branding under the Handloom and Handicraft sector will also be done in 2023-24 and steps will be taken for the popularization of local products.

Significantly, Jammu and Kashmir's government has already taken a slew of measures towards the promotion of ease of doing business in the UT which has received tremendous response from various potential investors. Besides, further steps are being taken to reduce compliance on “Ease of Living” and “Ease of Doing Business”.

The Budget will also facilitate the conduct of mock drills to be carried out across the Union Territory. Besides, Micro, Small and Medium Enterprises (MSME) development policy would also be notified.

Similarly, Samadhaan 2.0 would be implemented this year and the government would facilitate the tie-up of MSMEs with e-commerce platforms to boost sales of products of local units. Jammu and Kashmir would also introduce a policy framework to support private investment besides the implementation of a unified logistic interface platform.

To facilitate the export of local products to international markets, export hubs will be created under this year’s budget. The government is also encouraging officers to give an active push to exports, marketing promotion programmes for handicrafts focusing global market, and development of industrial estate connected to significant economic nodes to maintain the momentum of growth.

The Budget has also kept a provision for the adoption of plug and play model for key development sectors including the manufacturing sector.

Notably, the handicraft and handloom sector of the Union Territory has recorded unprecedented growth in the last three months and registered Rs 729 crore worth of exports despite instability in the global market.

Under the guidance of Prime Minister, Narendra Modi, Jammu and Kashmir have set a new record in the establishment of village industrial units. In the last financial year, 1.73 lakh new jobs were generated under PMEGP (PM's Employment Generation Programme) alone.

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