Srinagar, May 4: In a major boost to Jammu and Kashmir’s economic rejuvenation, Commissioner Secretary Industries and Commerce Vikramjit Singh announced that a single company is investing around Rs 4000 crore in one project in the Union Territory.
Singh, who was the chief guest at an FHRAI event highlighted that J&K is witnessing a positive transformation in terms of investments. Expressing gratitude to FHRAI for organising the event after a gap of 40 years, Singh stated, “This in itself is indicative of the change that has happened in J&K over the last few years.”
Addressing the gathering, Singh emphasised J&K’s immense potential and urged investors to be part of the region’s transformation journey. While acknowledging there are some issues, he said, “It is for the early movers to take advantage of these issues and work with us while we resolve them.”
Underlining the government’s commitment, Singh revealed that the Centre has offered a package of Rs 28,000 crore in incentives to industry leaders, including the food sector, in J&K.
In a significant revelation, the Commissioner Secretary highlighted that J&K is now the only state/UT in the country offering nearly 400% returns on investments in plant, machinery, and hard assets through a service agreement. This far outstrips the nearest incentive of around 200% from the state of Assam.
“There are already a large number of companies taking advantage of this lucrative incentive in J&K,” Singh stated, adding that he would provide some examples showcasing the positive changes.
Sharing the remarkable transformation in J&K’s investment climate, Singh revealed that just a year ago, a Rs 500 crore investment was considered substantial by his department colleagues. However, he had envisioned attracting projects worth Rs 2500 crore, but the gap seemed too wide to offer attractive incentives, leaving the policy on the drawing board.
Remarkably, within just one year, the scenario has radically changed. Singh announced that a single company is now investing nearly Rs 4000 crore in a solitary project in J&K. Additionally, a couple of more major investors are awaiting land allotment to commence work on their ventures. “This is the change that has happened and is happening,” Singh affirmed, citing the prestigious hotel where the event was held as an embodiment of J&K’s economic resurgence, which seemed unthinkable just a few years ago.
Singh highlighted another exemplar of progress – the recent establishment of a 500-seat BPO facility by an IT company in the remote area of the Jammu region, boasting world-class infrastructure.
Extending an open invitation to investors, the Commissioner Secretary assured, “We are willing to work with you to resolve the issues.” He underlined that it was a strategic decision for businesses to seize the opportunities now or risk losing out to other sectors that have already made inroads.
Acknowledging the tourism sector’s concerns, Singh stated that while several service and manufacturing units have already availed benefits under the Centre’s NCSS scheme, exceeding the government’s target for incentive disbursement this year, the tourism industry has lagged. He affirmed plans to conduct special workshops for the tourism department to facilitate their registration and access to the scheme’s benefits.
Further highlighting the investment opportunities, Singh revealed that the government is pursuing disinvestment of several properties, including the Hotel Centaur and two other assets under its division. Elaborating on the administration’s ambitious plans, he stated, “Our aspiration is that by the end of this year, we would have at least 20-30 more properties which would be offered.”