The administrative approval for the development of seven new industrial estates in the Union Territory of Jammu & Kashmir, along with the enactment of the J&K Start-Up Policy 2024-27, marks a significant stride towards fostering economic growth and empowerment in the region. These initiatives reflect a commitment to catalysing industrialization and entrepreneurial spirit, which are pivotal for the socio-economic progress of the UT. The backbone of Jammu and Kashmir’s economy lies in its tourism and agriculture sectors. Practically, decades of turmoil and terrorism have led to a lack of significant industrial presence in the region until recently. The tourism industry predominantly thrives in a handful of cities, leaving other areas economically vulnerable.
Recognising these challenges, the Government’s decision to establish industrial estates in nearly every district is a crucial step forward. This initiative is poised to catalyse industrialization across the region. The approval for the development of seven new industrial estates spread across various districts of J&K underscores a proactive approach towards industrialization. These estates, strategically located in areas such as Budgam, Srinagar, Kathua, Samba, Shopian, Pulwama and Srinagar, are poised to attract substantial investments totalling Rs. 8700.16 crore. Moreover, with an estimated employment potential of 28,376 individuals, these industrial estates promise to not only create job opportunities but also contribute to skill development and economic diversification in the region.
Additionally, the establishment of a medical facility signifies a strategic move towards positioning Kashmir as a hub for medical tourism, particularly for Gulf countries. With renowned national and international healthcare chains set to establish world-class infrastructure, specialised medical treatments will become more accessible. This development will not only benefit the local population with improved access to private healthcare but also alleviate the strain on Government healthcare facilities. Given these facts, the emphasis on sectors like healthcare with the establishment of Sempora Medicity Industrial Estate highlights a forward-looking approach towards addressing regional healthcare needs while fostering industrial growth.
In tandem with industrial development, the unveiling of the J&K Start-Up Policy 2024-27 reflects a visionary approach towards nurturing entrepreneurial talent and fostering innovation in the region. With a target of setting up 2000 new start-ups over the next five years, the policy paves the way for a vibrant and robust start-up ecosystem in J&K. Central to the policy is the establishment of a venture capital fund worth Rs. 250 crores, aimed at providing crucial financial support to budding entrepreneurs. The provision of seed funding up to Rs. 20 lakhs for selected start-ups, coupled with land allotment facilitation, underscores a holistic approach towards addressing the challenges faced by aspiring entrepreneurs. Moreover, the emphasis on nurturing startups presents ample opportunities for aspiring entrepreneurs. This proactive approach not only addresses the issue of brain drain but also encourages the talented youth of the UT to actively participate in the economic revitalization of Jammu and Kashmir.
By prioritising quality over quantity and focusing on supporting a manageable number of start-ups effectively, the Government demonstrates a commitment to fostering sustainable and scalable ventures. Moreover, the effective implementation of these initiatives hinges on robust monitoring mechanisms and institutional frameworks. The constitution of a High-Powered Committee headed by the Chief Secretary, entrusted with monitoring the implementation of the Start-Up Policy, underscores a commitment to accountability and transparency. Simultaneously, the establishment of a Task Force Committee, led by the Administrative Secretary, Industries & Commerce, signifies a dedicated effort towards ensuring seamless execution and coordination at the grassroots level.
These well-timed initiatives will herald a new era of economic transformation and empowerment in the Union Territory. By leveraging industrial development as a catalyst for job creation and fostering a conducive ecosystem for entrepreneurship and innovation, J&K is poised to chart a trajectory of sustained growth and prosperity. The UT of Jammu and Kashmir is poised for a transformative journey towards sustainable economic development.
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