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Business Economy


Repeal of Art 370 spurs Rs 81k Cr investment proposals in J&K: Hina Bhat

Repeal of Art 370 spurs Rs 81k Cr investment proposals in J&K: Hina Bhat

Jammu, June 14 (UNI) With the Introduction of New Industrial Development Scheme and post abrogation of Article 370, the Union Territory of Jammu and Kashmir has received Investment proposal worth Rs 81 thousand Crore, stated Chairperson J&K Khadi and Village industry Board Dr. Hina Shafi Bhat.

Without giving the breakup of the Rs 81 thousand crores of investment proposals Dr Bhat, however, added that J&K had received private investments to the tune of Rs 14000 crore only since independence.

The observations were made by Dr Bhat at the Third Naredco Mahi convention on Friday in the national capital while speaking on the overall investment scenario of J&K pointing out that the abrogation of Article 370 opened a new chapter for Jammu and Kashmir.

“The reason stands on the cusp of a transformative era, with vast potential for real estate development. By leveraging the opportunities presented, adopting sustainable practices and ensuring inclusive growth, we can build a prosperous and vibrant Jammu & Kashmir. The journey ahead promises not only economic growth but also a brighter future for the people of this beautiful region,” stated Dr Bhat in a statement issued here.

She said, “18 thousand kanals (2250 Acres) of land, as against a total 39022 kanals (4844 Acres) sought for setting up key units, has already been allotted across both Jammu and Kashmir divisions.”

“Transparent and efficient governance is crucial for the success of real estate development. Streamlined processes for land acquisition and permits, coupled with improved security has instilled the confidence in the investor and developers. The government’s commitment to creating a conducive environment for business and development is evident and embodies well for the future of real estate in Jammu and Kashmir,” affirmed the Chairperson J&K Khadi and Village Industry Board.

However, Dr Bhat also felt that with new business opportunities and improved economic prospectus, there is growing demand for residential real estate.

“Government sponsored affordable housing schemes will address the needs of lower- and middle-income groups, ensuring inclusive growth. Moreover, modern residential complexes equipped with amenities will enhance the quality of life for the residents making Jammu and Kashmir an attractive place to live,” she expressed.

“The repeal of Article 370 has brought the region into closure alignment with the rest of India. This integration has enabled the uniform application of laws, including those government property and investment, thereby opening the door to the new and exciting policies” she stated adding that one of the most immediate impacts of this change is the potential for increased investment

“Previously restrictions on land ownership for non-residents limited these opportunities. With these restrictions lifted, we can now anticipate a significant influx of interest from investors nationwide and internationally. The central government proactively stance supported by various incentives and schemes, is designed to attract substantial private sector participation in the region's real estate market,” concluded Dr Bhat.

President Naredco G Hari Babu in his welcome remarks loaded the contribution of the functionaries of Jammu and Kashmir Union Territory both at political and bureaucratic level for bringing about a wave of social and economic improvement in Jammu and Kashmir including transformative results in the security dispensation of the Union Territory.

On this occasion, President Naredco G Hari Babu announced that very soon Naredco is going to organize a realty convention in J&K.

UNI VBH GNK

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