Srinagar, Oct 29 (KNO): In a significant milestone for the industrial growth of Jammu and Kashmir, Lt. Governor, Manoj Sinha on Sunday inaugurated 12 cutting-edge Controlled Atmosphere (CA) Stores at the Industrial Growth Centre (IGC) in Lassi Pora, Pulwama. This momentous event marks another step in the UT's commitment to boosting its investment in the industrial and horticulture sectors, a government official said.
As per the news agency—Kashmir News Observer (KNO), these CA Store projects, have received a substantial investment of approximately Rs. 368.35 Crore, promising an employment potential for 511 individuals and a combined storage capacity of 59,000 Metric Tons (MTs). In addition to this, the Kashmir Division now proudly hosts 44 CA Stores with a capacity of 185,843 MTs, reflecting a substantial investment of Rs. 887 Crore and the creation of employment opportunities for more than 1,330 individuals. These new projects are expected to increase the total storage capacity to approximately 1.2 million MTs, addressing the existing gap in this crucial sector.
The Lt. Governor of Jammu and Kashmir Sh. Manoj Sinha commended the ongoing efforts of the industries and commerce department and expressed optimism that the region's growth trajectory will persist, with forthcoming plans to generate more employment opportunities and attract further investments for the betterment of Jammu and Kashmir. The introduction of the New Central Sector Scheme with an outlay of INR 28,400 cr for the industrial development of the Union Territory of Jammu and Kashmir and Ladakh has significantly boosted investment promotion across multiple sectors. The schemes offer best-in-class incentives with RoI of up to 400% which is the highest in India. The nearest contender is Assam, offering a return of 210%.
During the event, the Lt. Governor also released the Department of Industries and Commerce's compendium, highlighting the significant milestones and achievements of the department since 2019. This compendium provides an insightful overview of UT's industrial growth and achievements over this period. Some of the major achievements of the Department detailed in the compendium are as below:
Jammu and Kashmir has realized investments worth Rs2153.45 Cr during the financial year 2022-23, which is the highest in the last decade generating employment of 1 lakh.
This financial year up to 30th September, the UT has realized Rs1751 cr investment in just 6 months out of which Rs1286 cr investment was realised in Kashmir region only, which is 3 times the investment realised in Jammu region.
Further, 169 units with investment worth Rs7096 Cr and employment of 21,076 have initiated Infrastructure works and shall commence production shortly.
PMEGP showed a remarkable increase of 336% since 2019 in the case of unit registration and employment with margin money of Rs 23,949 cr released to 27,410 units. Further, UT of JK stood first in India in 2021-22 for the establishment of the highest number of 21680 manufacturing and service units under PMEGP.
After the introduction of New Industrial Policy 2021, the average investment in Industrial Estate was INR 2.24 Cr per kanal (based on land premium received) which was merely INR 0.24 crores per kanal in Industrial Estate in the pre-2021 period, thus registering an increase of over 9 times.
The government of Jammu and Kashmir also signed a Memorandum of Understanding (MoU) with the Central Public Works Department (CPWD) for the development of six new Industrial Estates. These estates, which have been accorded top priority, will encompass a vast expanse of 1791 kanals, with a projected cost of Rs 253.70 crores. Also, the Industries and Commerce department is in the process of acquiring 26,815 Kanals of land for additional IEs to be set up.
The MoU was formally signed by Sh. Inderjeet, Managing Director of SIDCO/SICOP on behalf of the Government of the Union Territory and Sh. Rajesh Kumar Dhiman, Addl. DG CPWD. CPWD will develop the estates, emphasizing the J&K administration's commitment to fostering economic growth and prosperity in the Union Territory.
Prominent dignitaries such as Commissioner Secretary of Industry & Commerce, Vikramjit Singh, Director Industries Kashmir Mehmood Shah, MD SIDCO Inderjeet, Additional Secretary I&C Aziz Rather and other esteemed guests, graced the event. This ground-breaking event highlights the administration's unwavering dedication to fostering economic growth, enhancing employment prospects, and securing the future of the region—(KNO)