J&K Open For Business, LG Tells CII

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Calls For Unlocking UT’s Potential In A Multi-Dimensional Fashion

Jammu: Lieutenant Governor, Manoj Sinha on Thursday called for “unlocking” the potential of Jammu Kashmir in a multi-dimensional fashion, through systemic interventions at the individual and community level.

Addressing the Confederation of Indian Industry (CII) Partnership Summit-2020 organized through virtual mode, Sinha said that J&K possesses great growth potential having talented young English-speaking population, coupled with established supply chains, ease of doing business, single-window clearances, competitive regulatory and policy landscapes assured part insurance covers, and rich natural resources.

He called upon the CII and its members to partner with J&K and be the change that one truly wishes to see reflected on the ground, besides shaping up a magnificent future and to invest in a truly greenfield project.

“We’re open for business. And we’re set for growth, which is sustainable and builds businesses with purpose. Come and partner with us! And enrich this partnership summit with your ideas and your inputs” the LG said.

“I want to see industry, jobs, skilled workforce, modern villages, and world-class infrastructure walk hand-in-hand together in Jammu Kashmir in 2021. We will therefore do our utmost to ensure prosperous development of this Union Territory with your support. In order to attain this goal, I promise to work with you on the necessary interventions. We’re planning to host the J&K Global investor’s Summit soon and CII is the partner organization for it as well”, he added.

Highlighting major initiatives taken by the his government, Sinha said, that the present dispensation, supported by the best team of officers, has taken over 150 new initiatives and reforms in under 100 days.

“The UT Government has given 5% interest subvention; 50% reduced prices for electricity and water for a year; For ease of mobility a grant of Rs 5 lakh rupees for replacing old buses that ply; Reduced the registration fee by 50%; Undertaken a massive outreach program connecting with villages in Kashmir called “Back to the Village”, where we have given a grant of upto Rs 10 lakh rupees for two youth per Panchayat reaching over 12,000 young men and women for entrepreneurship and local small and medium businesses,” he said.

The LG expressed hope to see expressions of interest from business on the themes of Livelihood generation, Education and Skill Development, Sports & Recreation, CSR, Social impact projects, Financial assistance / Fellowships/ Philanthropic giving, Media, Art & Culture, Agriculture, and allied industries.

He also suggested investing more in rural infrastructures like connecting India’s villages to the nearest towns, more infrastructure for crop storage, and access to quality public transport ensuring emission standard vehicles for a sustainable new business model. Each and every issue starting from jobs, clean energy to credit growth has to be tackled in-depth to mitigate problems threatening the current financial stability, he added.

On this occasion, the LG expressed delight and described faster re-engineering and re-processing of policies, which are happening across the country for the resilient and self-reliant India, as a key vehicle to achieve a strong growth trajectory and to have a robust balanced development.

He informed that despite sudden disruption for a few months, Jammu and Kashmir Union Territory has brought order in on the ground implementation of projects in several sectors and has achieved number one position in Pradhan Mantri Gram Sadak Yojna (PMGSY) and enhancing the storage capacity for both agriculture and horticulture produce.

“The manufacturing sector is witnessing re-engineering processes to boost productivity. In the last 6-7 years, the Hon’ble Prime Minister’s vision of a simplified regulatory procedure is paying rich dividends and it is visible in India’s current improved ranking in ease of doing business reports,” he said.

The LG also called for enhancing marketing support to MSMEs, Industrial incentives, and promotion of village industries. He said that with new start-ups, unique innovations, new technology products, and by transforming India into a global manufacturing hub, we will be able to trigger a much-needed productivity spurt in 2021.

“In manufacturing, we need to give an additional push to the sectors which are based on competitiveness and have employment potential. In the new decade, we may have to create new quantifiable and measurable milestones for these sectors which should be monitored regularly,” HE SAID.

The LG informed the summit that J&K has more than 07 lakh Micro and around 03 thousand Small Industries.

“Like any other sector, this sector too has an important role in providing employment opportunities. We are addressing twin issues of investment and improving productivity levels. We have committed a lot of resources and implemented 20-point reforms to ensure there is a permanent shoring up in productivity,” he said.

Speaking on growth opportunities in major sectors, the LG observed that Industry and Services along with Agriculture are going to play a major role in achieving inclusive growth, enhancement of Financial Inclusion, and improvement in Social Equity without overstretching the available revenue sources.

“Soon we are going to witness scaling up of investment in several sunrise sectors aligned with policies that will support global priorities by emphasizing the re-engineering and re-alignment of business policy for sustainable growth, enhanced production, and consumption,” Sinha said.

“It is my aim to create a stable policy and regulatory ecosystem for businesses so that they can build for scale and create a thriving startup ecosystem in J&K UT,” he added.

During his address, the LG also underscored the significance of the Summit and observed that the theme – ‘Partnership for Lives, Livelihood & Growth’ is very important for two reasons- First, we have to realize that a country cannot exist as an island, and, secondly, each and every sector of our economy is interwoven.

“Since we are pulling ourselves together to restart the engine of economic growth that was partially disrupted due to the global pandemic, we cannot live and grow alone. We have to be together to multiply comprehensive development in every sector,” he said.

He further called for joint efforts by the Government, Private Enterprises, and Civil Society Groups to overcome Social, Ecological, and Economic challenges for a post-COVID world.

“To revive economic growth, we need to act innovatively and at a pace faster than pre-COVID era. Each and every sector of our economic wheel is interdependent on one another just like the countries in a globalized world are deeply connected for economic cooperation and speeding up industrial growth while improving living conditions for their own people,” Sinha added.

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