Around 400 companies are expected to invest a huge amount of Rupees 22,000 crores in Jammu and Kashmir in next 10 years for business purposes.
After the abolition of article 370, when J&K became UT, the Government has allotted 25,000 kanals of land to the Industries and Commerce department which comprises of 17,000 kanals of land of Jammu and 8,000 kanals of land of Jammu for the development of Industrial Park in the UT and easier land bank for the businessmen.
A lot of industrial growth is expected to happen in Infrastructure, IT, Tourism, Health, Technology, Renewable energy, Defence, Manufacturing, Hospitality and Skill Education. Many companies have given a word for their agreement while others have already signed the MOU for laying the foundation of their offices and factories.
Sun Pharma in Health, RK Hoteliers Associate in Hospitality with an investment proposal of 500 crores and Reshmi Group with an investment proposal of 700 crores and a project plan to Reasi Administration has already been given. Other than these, Reliance Ammunition Limited for defence and Jackson Group, Indo-American Synergy, HCH Limited, Dalmia Cement India, Universal Success Entrepreneur and Enterprises are the companies whose proposals are under consideration.
In order to avoid time wastage for these businesses-men, single window system will be applied by the Government. According to them, the outside companies coming to J&K will boost employment for the youth and will lead to development.