Food processing, textiles and readymade garments, and hotels and hospitality sector have emerged as the biggest investment catchers in Jammu and Kashmir that received investment proposals worth Rs 52,155 crore in the last one year alone. This is in sharp contrast to an overall investment of Rs 14,000 crore that had trickled into the erstwhile state in the 70-year period from 1947 to 2018.
Of the total 4,444 investment proposals worth Rs 52,155 crore received by J&K government since the New Industrial Policy was notified last year, those worth Rs 36,244 crore, spread over Jammu region (21,553 crore) and Kashmir (Rs 14,691 crore), already have the necessary approvals. Almost 17,970 kanals of land, as against a total 39,022 kanals sought for setting up these units, has already been allotted across both Jammu and Kashmir divisions.
While the investment applications received up to April 11, 2022, seek to create 2.4 lakh employment opportunities in J&K, the proposals already cleared shall generate around 1.36 lakh jobs, including 71,603 in Jammu and 65,376 in Kashmir.
Sector-wise, food processing and organic-based industry lead with total approved investment worth Rs 8,890 crore, including Rs 5,852 crore in the Kashmir region and Rs 3,038 crore in Jammu.
The total 1,017 food processing units being set up in J&K have a land requirement of 2,396 kanals in Jammu, while 1,877 kanals have already been allotted in Kashmir.
Hotel and restaurants, health and social work sectors have raked in total investments worth Rs 5,193 crore in Kashmir alone. Other sectors like automobile, steel fabrication, recreation, warehousing and cold storage, sports, ecotourism and handicrafts have had proposals totalling Rs 5,416 crore approved for Jam-mu division and Rs 2,157 crore in Kashmir.
Other sectors in J&K where investments have poured in over the last one year are pharmaceuticals and chemical-based industries (Rs 3045 crore), paper mills (Rs 3267 crore), textiles and readymade garments (Rs 1769 crore), and electric and electronic products (Rs 1,898 crore).
Other activities including sports, poultry, warehousing and cold storage have received a total investment worth Rs 7,573 crore, of which Rs 5416 crore is in Jammu alone, and shall together generate around 33,779 jobs. The biggest chunk of the land that has been allotted in Kashmir so far has been for food processing and hotels sector (3164 kanals).