Jammu and Kashmir (J&K) has received a record investment of Rs 1,547.87 crore in the current financial year (up to January). According to the data presented in the Lok Sabha by the Ministry of Home Affairs this month, this is the highest figure ever compared to the previous financial year.
This follows the union territory’s first Gulf Investment Summit in Srinagar in March 2022. The administration said it aimed to “bring together investors, decision makers, senior government officials and the local business community to discuss concrete investment opportunities in the state”. ,
On that occasion, Lieutenant Governor Manoj Sinha said that he expected investment in J&K to increase to over Rs 70,000 crore in the next six months, creating employment for 600,000 to 700,000 people.
Though their hopes are yet to materialise, the government is confident that over the next five years, investment will pick up in all sectors – from manufacturing to services.
The government notified a new policy for industrial development of the region in 2021. The administration proposes to hold another investment summit in Srinagar in May, followed by the icing on the cake: a Group of Twenty meeting.
The city is rolling up its sleeves for the meeting to celebrate its “moment of pride” by repairing major roads and drainage system as part of the city’s beautification drive.