Industries sector gets a hike of Rs 291 cr in budgetary allocation

Jammu and Kashmir government has received investment proposals of Rs 23000 crore so far and to further woo investors, the Union Finance Ministry has enhanced the budgetary allocation of the Industries and Commerce sector by Rs 291 crore for 2021-22 in comparison to 2020-21 fiscal.

“For Industries and Commerce Sector, an allocation of about Rs 648 crore has been made for the 2021-22 which is Rs 291 crore more than the previous year’s budget allocation,” reads a budget document.

   

“I am happy to inform this august house that 456 investment proposals/MOUs have been received involving an investment of Rs 23,000 crore in various sectors in J&K where investors have shown keen interest for the investments. Rs 50 crore has been provisioned for promotion of JK Global Investors Summit including domestic/international road shows for promotion of investment in J&K,” the budget speech of Union FM, Nirmala Sitharaman reads.

“Besides the new central sector scheme for industrial development announced by the Prime Minister as already mentioned, a landmark decision, to give further boost to the Industrial Sector in J&K, Rs 200 crore have been provisioned in 2021-22 for development of New Industrial Estates in UT,” it states.

“Government shall establish Trade Centres with an outlay of Rs 50 crore. Rs 44.80 crore has been earmarked for development of new industrial estates. Food Parks shall be established at Lar and Bandipora during 2021-22. To ensure proper disposal of waste, three Common Effluent Treatment Plants (CETPs) are to be constructed in the existing industrial areas at an estimated cost of Rs 20.47 crore. Two IT towers one each at Jammu and Srinagar capital cities are likely to be completed during 2021-22 at a cost of Rs 100 crore.” “Besides, rural BPOs at all district headquarters are expected to be established in 2021-22,” it adds.

The government is set a target of providing employment opportunities to 7386 persons under the Rural Employment Generation Program.” Under J&K Rural Employment Generation Programme involving Margin money of Rs 25 crore for 2021-22, employment opportunity to 7386 persons involving 1231 units is expected.”

Meanwhile, while welcoming the Budget 2021-22, President, Kashmir Youth Entrepreneurs Federation Babar Chowdhary demanded more opportunities for young entrepreneurs of Jammu and Kashmir.

“It is good that government is eyeing outside investment but at the same time they should encourage local talent too, by introducing tailor-made financial incentives to woo the younger generation towards self-employment. Kashmir’s young entrepreneurs are facing a lot of problems due to the situation which is beyond their control; therefore it becomes imperative on the government to give first preference to locals investors for hand-holding and easy finance scheme.”

“Self employment of local youth is the only viable solution, for that government must do hand holding.”

“Youth in J&K are talented, they need opportunities. We are seeing so many youngsters in the business sector working tirelessly despite the odd situations,” he said adding that “LG administration has taken some bold steps to promote self employment which includes a Rs 28400 crore Industrial Development package. We are hopeful that in future special tailor made initiatives are introduced in J&K to encourage youth.”

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