J&K Attracts Rs 1.23 Lakh Crore Investments; Muttiah Muralitharan, Emaar Group Among Investors

Jammu and Kashmir attracted significant investment, totalling Rs 1.23 lakh crore. Notable investors include former cricketer Muttiah Muralitharan, the Emaar Group and the Welspun Group. This influx of investment is part of ongoing efforts to boost the region's economic development and improve infrastructure.

Srinagar:Jammu and Kashmir has become a focal point for major investments with requests pouring in from a wide range of entities, including Sri Lanka's Muttiah Muralitharan, Dubai-based Emaar Group, Kandhari Beverages Private Limited and Welspun Group, aiming to set up ventures worth over Rs 1.23 lakh crore in the Union Territory, officials confirmed.

As of July 3, the Jammu & Kashmir government's single-window system received 6,909 applications, signalling a robust interest in industrial expansion. In the Jammu Division alone, proposals worth Rs 81,594.87 crore have been received, while the Kashmir Division attracted proposals worth Rs 41,633.09 crore.

Jammu, with 1,902 applications, is drawing larger industrial units, requiring a total of 39,484.94 kanals (equivalent to 4,935.61 acres) of land, primarily in Kathua district due to its strategic proximity to Punjab and Himachal Pradesh. Meanwhile, the Kashmir Valley received 5,007 applications, focusing on medium and small-scale ventures needing 29,375.89 kanals (3,671.98 acres) of land.

These ventures are anticipated to create employment opportunities for 4,69,545 people, with 2,17,760 jobs in Jammu and 2,51,785 in Kashmir. Over the past year, the Jammu division has seen investments exceeding Rs 21,000 crore materialise, including 15 major projects in Kathua's Bhagthali Industrial Estate alone, totalling Rs 14,594 crore either in production or nearing completion.

Notable among the upcoming projects is Muttiah Muralitharan’s Ceylon Beverages, which allocated 206 kanals for a Rs 1,600 crore aluminium can manufacturing and beverage filling unit in Kathua.

Similarly, Kandhari Beverages has secured 288 kanals for a Rs 1,100 crore pet bottling plant, with construction already underway. Other significant investments include Welspun Group's Rs 850 crore Sintex water tank manufacturing unit and Haldiram's Rs 585 crore project in Kathua.

UAE's Emaar Group has been allotted land for constructing a shopping mall and IT Towers in Srinagar and Jammu, expecting to bring in Rs 500 crore in foreign direct investment. The surge in industrial activities also includes developments in Kathua's Ghati, hosting a variety of manufacturing units ranging from pharmaceuticals to textiles and beverages, as well as proposals for multipurpose parks.

Looking ahead, the administration is actively seeking additional land to accommodate the influx of investors. Efforts are underway to transfer 5,000 kanals near Panjgrain and 400 kanals at Gurha Slathia to the Industries Department, reflecting the UT's commitment to resolving land-related issues to facilitate further growth.

The industrial policy implemented on April 1, 2021, offering incentives such as subsidies on capital investments and GST benefits on plant and machinery purchases, has been instrumental in attracting this surge of investments, as highlighted by Jammu & Kashmir’s Lt Governor Manoj Sinha during recent addresses emphasising the region's burgeoning industrial landscape.