Over 4,000 industrial units have come up in Jammu & Kashmir after it became a Union Territory
Jammu & Kashmir is on the fast track to industrial development, courtesy a slew of initiatives by the Union Government as well as the Union Territory (UT) administration over the past few years. As many as 4464 industrial units have been constructed since the erstwhile J&K state was bifurcated in 2019. This amounts to an investment of Rs. 26650.49 crores, Union Minister of State for Commerce and Industry Som Prakash said in reply to a question in Parliament on Wednesday. It is worth pointing out that the government of India had announced a new Central Sector Scheme for Industrial Development of Jammu and Kashmir worth Rs. 28,400 crore. According to the Union Government 's reply in Parliament, this scheme aims to revitalize the industry and services-led development of J&K with a focus on job creation, skill development, and sustainable development by luring in new investments and fostering existing ones. The UT Government of Jammu and Kashmir has also undertaken a number of policy initiatives and notified a number of policies. These include: * The J&K Industrial Policy 2021–30 * The J&K Industrial Land Allotment Policy, 2021–30 * The J&K Private Industrial Estate Development Policy, 2021–30 * The J&K Wool Processing, Handicrafts, and Handloom Policy 2020 * The Financial Support Scheme for Cooperatives/Self-Help Groups * The Credit Card Scheme for Artists and Weavers * The Karkhandar Scheme Furthermore, environmentally harmful items have been placed on a negative list under the New Central Sector Scheme for Industrial Development of Jammu & Kashmir by the central government in order to safeguard the environment. There are provisions for "Environment Protection" in the J&K Industrial Policy 2021–30, with a focus on green technology, equipment with incentives to reduce pollution, green initiatives, the use of renewable energy, solid waste disposal facilities, dense plantations, etc. The creation of environmentally friendly (green category) companies is given greater weightage under the J&K Industrial Land Allotment Policy, 2021–30. According to the Industrial Policy 2016 of J&K, the minimum level of local employment must be at least 55% from the date of production and must reach a maximum of 75% in the next five years from the date of production in order to qualify for state incentives for the units registered under the plan. The UT would also offer a 25% lease rent reduction and training support through UT government institutions to further increase local employment from 75% to 90%. The Jammu and Kashmir government also announced the Jammu and Kashmir Agricultural Land (Conversion for Non-Agricultural Purposes) Regulations, 2022, which allow landowners to apply to the appropriate authority for authorization to convert or change the use of agricultural land for non-agricultural purposes. Impetus to Industrial Growth in Ladakh The government of the Union Territory of Ladakh has also undertaken a number of measures to encourage industrial growth in the handicraft, handloom, and food-processing sectors, with an emphasis on the native goods of Ladakh. According to information provided by the Union Government in Parliament, 1006 industrial units were developed in the UT of Ladakh with a total investment of Rs. 122.71 crores. The UT is making use of the advantages offered by central sector programs like the Pradhan Mantri Employment Guarantee Programme (PMEGP), Pradhan Mantri Formalization of Micro Food Processing Enterprises (PMFME), Van Dhan Vikas Kendras (VDVK), Weaver Mudra programs, etc. To support the growth of business in Ladakh, the UT Administration of Ladakh has also established incubation facilities. With the goal of maximizing value for farmers and linked industries, geographic indicators (GI) have been used for Ladakh pashmina, apricots, and sea buckthorn. Apart from this, the UT of Ladakh has benefited from a number of shows and fairs, including the Delhi Haat, SARAS, SIAL India, and others. Ladakh also took part in the World Expo 2020 in Dubai for 15 days, showing the potential of the UT on a global scale. In accordance with the Pradhan Mantri Formalization of Micro Food Processing Enterprises (PMFPE) scheme and the Districts as Export Hub scheme, the UT has announced One District, One Product (ODOP), and the initiatives are now being implemented. Additionally, UT Ladakh is building new industrial estates. All Ladakh development efforts have been primarily focused on creating a carbon-neutral Ladakh and protecting the environment. The Ladakh UT Administration has also adopted its e-vehicle policy, which aims to expand the e-vehicle eco-system there.