Industrial Development Scheme Worth Rs 28,400 Crore Announced for J&K
Dated : 08 Jan 2021 (IST)
On August 5, 2019, the Union government had abrogated Article 370 which provided special status to Jammu and Kashmir. A law was also passed in Parliament to bifurcate the erstwhile state into two UTs of Jammu and Kashmir and Ladakh. The bifurcation had taken effect on October 31 (2019), which is celebrated in India as National Unity Day.
The Union government has now announced an industrial development scheme for the union territory of Jammu and Kashmir. The scheme is worth Rs 28,400 crores. The announcement regarding the industrial development scheme was made by J&K Lieutenant Governor Manoj Sinha on Thursday.
The LG said the scheme will facilitate new investments, substantial expansion and also nurture existing industries in the newly-carved union territory.
The LG announced that the scheme will come into force from the day of notification until 2037.
“The industrial scheme is from the period of date of notification up to the year 2037 with a total outlay of Rs 28,400 crores. This will encourage new investments, substantial expansion and also nurture existing industries in Jammu & Kashmir,” Sinha said.
The LG noted that till 2019, the year when the erstwhile state of Jammu and Kashmir was reorganised as two UTs of J&K and Ladakh, the Union government had disbursed a total amount of just Rs 1123.84 crores as part of the industrial policy. However, the new policy has an outlay of a “historic amount” of Rs 24,800 crores, the LG said.
Sinha asserted that ever since the reorganisation of the erstwhile state, J&K as a UT has turned into a land of opportunity.
“In the last 16 months, Jammu and Kashmir has been transformed into a land of opportunity with forward-looking policy to guarantee prosperity and economic success,” the Lieutenant Governor said.
