Srinagar, November 21 (HS): In a bid to foster economic growth in Jammu and Kashmir, Lieutenant Governor Manoj Sinha has extended a warm invitation to industry players, encouraging them to invest in the Union Territory. He emphasized that Jammu and Kashmir offers a more favorable investment climate compared to many other states, providing a secure and conducive environment for businesses.
With over ?86,000 crore worth of business proposals currently in the pipeline, Sinha highlighted the efforts underway to materialize these projects on the ground. Notably, the UAE-based Emaar Group has announced ambitious plans for the development of a shopping mall and an IT tower in Srinagar.
Sinha’s call to potential investors was accompanied by the assurance of attractive incentives, including cost-effective power tariffs, capital investment incentives, and interest subvention, further enhancing the appeal of setting up industries in the Union Territory.
The Lieutenant Governor also shared encouraging news regarding the surge in tourist arrivals, with numbers expected to exceed 2.25 crore this year, compared to 1.88 crore the previous year. He underlined the vast opportunities available in Jammu and Kashmir, with increased connectivity through additional train and flight services.
Impact on MSMEs:
LG Manoj Sinha’s efforts to attract investment and promote economic growth in Jammu and Kashmir can have a positive impact on Micro, Small, and Medium Enterprises (MSMEs). As large industries and investments flow into the region, MSMEs can benefit from ancillary business opportunities, collaborations, and the potential to become part of the supply chain for larger enterprises. This can lead to job creation, increased business activity, and the overall growth of the MSME sector in the Union Territory.