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J&K attracts investment of Rs 5656.78 after Article 370 abrogation: Centre tells LS

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Srinagar: The Central government on Wednesday informed the Lok Sabha that an investment of over Rs 5600 crore has been made in various sectors of Jammu and Kashmir since the abrogation of Article 370 in 2019.

In a reply to a query, Minister of State in Ministry of Home Affairs, Nityanand Rai, said the government has notified the New Central Sector Scheme for industrial development of Union Territory of Jammu & Kashmir on 19/02/2021 so as to attract investors to make capital investments.

This has been supplemented by the policies/schemes, to boost investment in the UT of Jammu and Kashmir, which include, J&K Industrial Policy 2021-30; J&K Industrial Land Allotment Policy 2021-30; J&K Private Industrial Estate Development Policy 2021-30; Policy for Promotion of Foreign Investment in Industrial Sector in J&K 2022; J&K Single Window Rules 2021; Turnover Incentive Scheme 2021; J&K Wool Processing, Handicrafts and Handloom Policy 2020; Financial Support Scheme for Cooperatives/Self Help Groups, 2020; Credit Card Scheme for Artisans and Weavers, 2020; and Kharkhandar Scheme for Development of Craft Sector in J&K, 2021; Revised Education Scheme 2022 for Artisans/Weavers of Handicrafts and Handloom Department and Export Subsidy Scheme, 2021.

The impact of the steps have enabled investment of Rs 296.64 in 2019-20, Rs 412.74 in 2020-21, Rs 376.76 in 2021-22, Rs 2153.45 in 2022-23 and Rs 2417.19 in 2023-24, it was revealed.

Rai further said that the investments in various sectors like tourism, processing etc. and infrastructure such as construction, roads, power etc. will boost the development of the Union Territory of Jammu and Kashmir.

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