Jammu and Kashmir investment opportunities
In a significant move aimed at propelling economic growth, Lieutenant Governor Manoj Sinha has extended a warm invitation to industry leaders and potential investors to explore and invest in Jammu and Kashmir. This call comes alongside the announcement of a new industrial development policy that offers enticing incentives, robust support for expansion, and avenues to venture into emerging sectors such as tourism, information technology-enabled services, agriculture, and allied fields.
The invitation was issued during the inauguration of the 9th India International MSME Expo and Summit 2023 held in New Delhi. Highlighting the pivotal role of micro, small, and medium enterprises (MSMEs) in driving India’s economic progress, Lt. Governor Sinha emphasized their contribution to Prime Minister Narendra Modi’s visionary initiatives of ‘Make in India’ and ‘Aatmanirbhar Bharat.’
Commending the efforts of the MSME Development Forum, Lt. Governor Sinha acknowledged their role in fostering collaboration between policymakers and entrepreneurs. He stressed the significance of initiatives like the MSME Expo and trade fairs in disseminating information about government schemes, policies, and exploring new business opportunities within the sector.
During the Expo, Lt. Governor Sinha shared key interventions by the UT administration to facilitate the growth of MSMEs in Jammu and Kashmir. He highlighted the remarkable progress, with over 2.81 lakh MSMEs registered on the Udyam portal in the past three years, showcasing a commendable growth trajectory in the sector.
The Lt. Governor spotlighted specific districts, including Shopian, Pulwama, Anantnag, Baramulla, Kulgam, and Bandipora, where micro and small units are experiencing unprecedented growth. He underlined the transformative impact of small enterprises in realizing the dreams of aspiring entrepreneurs, particularly in smaller towns.
Furthermore, Lt. Governor Sinha emphasized the role of Small and Medium Enterprises in various aspects, including skill development for youth, the promotion of the One District One Product (ODOP) initiative, and the empowerment of women entrepreneurs. He noted that more than 74,000 SMEs in Jammu and Kashmir are led by women, showcasing the sector’s potential for socio-economic transformation.
As part of promoting MSMEs, the UT Administration has taken a significant step by increasing the total procurement from MSMEs to 25 percent by Government Departments and Public Sector Undertakings.
In addition, Lt. Governor Sinha launched the One District One Product (ODOP) Box of J&K UT, aimed at expanding the global presence of unique regional products. The Expo also witnessed the active participation of over 40 exhibitors, showcasing innovative products, services, and solutions across diverse sectors.
Lt. Governor Sinha’s visit to the stalls, where local products from Jammu and Kashmir were displayed, underscored the region’s potential and commitment to fostering growth and entrepreneurship.
The event witnessed the presence of esteemed personalities including Rajnish Goenka, Chairman of MSME Development Forum, Alexander Rybas, Trade Commissioner of Russian Federation in India, Dr. Deepak Vohra, Indian Diplomat, Dr. Sharad Kohli, National Board member of MSME Development Forum, foreign and domestic business delegates, investors, entrepreneurs, and representatives of MSMEs. The event served as a platform to showcase the investment opportunities and economic potential of Jammu and Kashmir.
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