Investment proposals discussed at CII Delhi conclave Government committed to give impetus to industrial growth in State: Tanvir

NEW DELHI, AUGUST 27: Stressing the need to invest big way in industrial sector in J&K, Political Secretary to Chief Minister, Mr. Tanvir Sadiq said that industrialization is the most powerful tool for massive economic development of the J&K State. Political Secretary said this while addressing at a daylong Session on “Advantage Jammu & Kashmir: Enabling Business Environment & Projects for Investments”, as part of INVEST North conclave organised by Confederation of Indian Industry (CII) in New Delhi today. Mr. Tanvir urged upon the ace players of industrial sector for investing in the hinterlands of the state to propel inclusive development. “Government of Jammu & Kashmir has been working very proactively for the industrial development of the State. The Department of Industrial Policy & Promotion (DIPP), Government of India has extended the Special Incentive Package including Capital Investment Subsidy of 15 per cent on investment in plant and machinery to all new upcoming industrial units for a period of 5 years from the date of commencement of commercial production. Another highlight of the package includes Central Comprehensive Insurance Subsidy Scheme with 100 per cent premium reimbursement to all new and existing units on their substantial expansion for the similar period”, he added. The Political Secretary said that Jammu & Kashmir has immense potential in Horticulture and Packaging of Food Processing. He said that the state is extending its Industrial Incentive Package to 2017. Silk Park, IT Parks and Leather Park are some projects which would be opened up for investments under the industrial Incentive Package, he maintained. Secretary, Industries & Commerce, Government of Jammu and Kashmir, Mr. Saurabh Bhagat said J&K has been rapidly moving forward on all vital parameters of growth including infrastructure, investments, agriculture and tourism. The State is blessed with immense potential for tourism industry to grow and compete with Switzerland on the tourism front, Mr Bhagat added. Deliberating upon initiatives of the State Government to revive tourism industry in the valley, Mr Bhagat informed the investors about the soft loans being provided to small sick units such as house boats and outright investment subsidy for setting up projects and units at unexplored areas of the State. The government is formulating an Integrated Tourism Development Plan which would combine recreation, leisure, pilgrimage and adventure tourism, he asserted. Chairman, CII Kashmir Zone, Mr. Sheikh Imran was of the view that now perception of doing business in the state is changing. Investment of Rs 146 Crore is expected by the end of next month in different sectors like hotel and transport, he disclosed. “J&K government is supportive, the climatic conditions are congenial as in European nations and the connectivity is improving. Young entrepreneurs need to come forward and invest in this state.” Mr Imran appealed. Giving brief account of industrial activities in the State, Managing Director, J&K SIDCO, Mr. M. Muazzam informed that there are tremendous investment opportunities in hydropower sector. In addition to this, the Government is also seeking investments in micro hydel projects as well as solar panel manufacturing, he added. Chairman, CII J&K State Council & Director, K C Group, Mr Anil Mahajan called for greater coordination among various agencies related to Industrial promotion to give a boost to both small and medium enterprises. He also called for judicious use of resources and optimum exploitation of the existing industrial potential in all corners of the State. To facilitate proactive engagements with the investors, B2G meetings on the sidelines of the Conclave were also organized. The J&K government officials during the B2G meetings requested interested companies to submit their business plans and proposals and also shared that the government is fully committed to bring investments in the state and solve the problems of industry with equal gravity. Among others, representatives from industries including Mr. Vikram Gupta, Ms Sunanina Bhat, Mr. Waseem Trumboo and Mr. Varun Singla also accompanied the delegation.