Jammu: Jammu and Kashmir is set to host Global Investors’ Summit, an official spokesperson informed.
“The J&K Government is set to hold its first J&K Global Investors Summit with an objective to bring together investors, decision-makers, senior government officials and local business community for a dialogue on concrete investment opportunities in the state,” reads an official statement.
“It will be replete with Strategic Sectoral sessions, Round Table Deliberations, one-to-one Business to Business (B2B) and Business to Government (B2G) meetings. The main objective behind the summit is to increase employment opportunities by accelerating the industrial growth in the newly carved UT.”
As per the statement, The industrial landscape of the J&K is dominated by MSME and it plays a crucial role in propelling industrial growth and economy in UT as they contribute around 8 per cent to the GSDP and employ the largest number of people in the manufacturing and services sectors.
Approximately 25,000 MSMEs that are operational in the UT contribute almost 60 per cent of the total investment and 90 percent of total employment in the industrial sector in the UT. It is thus imperative that the MSME sector be further supported through policy interventions.
For the Industries and Commerce Sector, an allocation of about Rs 555.80 crore has been made under Capital Expenditure for the year 2022-23 which is Rs.139.84 crore more than the previous year’s budget allocation.
The Government of Jammu & Kashmir is providing an enabling environment for investors to start their ventures in the Union Territory.
The focus of the Jammu & Kashmir Industrial Policy 2021-30 is to attract new investment, creation of employment opportunities for youth, development of backward regions and nurturing of existing industrial units.