Rapid economic growth
The J & K administration has been trying to make an investment friendly environment and for this purpose they have undertaken many reforms on the ground.
Underscoring that rapid economic growth can be achieved only by accelerating reforms, the Lt Governor Manoj Sinha recently said that since Hon’ble Prime Minister took over the leadership in 2014, India’s position in the Ease of Doing Business rankings has jumped from 140 to 63 due to relentless reforms introduced by Union government and the day is not far when we will figure in the top 50 countries.
He said that even after 70 years of Independence, the J&K received only 17,000 crore in private investment as the immense potential of business remained buried under many regressive laws. It was only due to the Hon’ble Prime Minister’s vision that after August 2019, infinite possibilities and unprecedented growth opportunities were unlocked in J&K.
In January 2021, the government had launched a new Central Sector Industrial Development Scheme of Rs 28,400 crore offering four types of incentives for the industrial sector. Against the expected proposals of Rs 15,000 to 20,000 crore, proposals worth Rs 53,000 crore have been received by the UT administration, out of which proposals worth Rs 38000 crore have already been approved. He further said that in order to facilitate the industries and manufacturing units, Land Use Policy was reformed in the UT and private industrial estates are also being promoted. ‘With all 235 services made online for ease of doing business and 180 services made available on a single window system. We have turned red tape into red carpet and we seek to build a more modern economic edifice.