Says UT Has Received Investment Proposals Worth Rs 52,000 Crore

Srinagar- Lieutenant Governor, Manoj Sinha on Friday invited leading business families of India to invest in Jammu and Kashmir, promising the best facilities to investors among all states and the Union territories across the country

“I am appealing all leading family businesses to come and invest in Jammu & Kashmir. I assure that the best facilities among all states and Union territories will be provided to you in J&K,” Sinha said.

The LG made these remarks during his keynote address at the Moneycontrol PRO’s Indian Family Business Awards 2021 event held in Mumbai on Friday.

Sinha, who was the chief guest at the inaugural edition of the awards, said that the overall business environment has received an impetus in the Union territory, with collections under GST, excise, sales tax and stamp duty going up.

“Today, the state has investment proposals worth Rs 52,000 crore,” Jammu & Kashmir LG Manoj Sinha said, adding that the Union territory is witnessing an economic turnaround since the abrogation of Article 370 in August 2019.

He said that although COVID-19 pandemic affected the growth plans, the focus of his administration continues to remain on improving the region’s economy.

“There is a culture of family businesses in Jammu & Kashmir as well. Family businesses have played a key role in handicrafts, pashmina, carpet and horticulture industries,” Sinha said, adding that the administration had provided relief to all businessess in the region during the COVID-19 period.

The LG further said that IMF’s GDP projection pegs India at highest for 2022 and it shows rapid growth can only happen due to swift economic reforms. He said the credit should go to Prime Minister Narendra Modi for expediting the process of economic growth.

“Family businesses today contribute up to 80 percent to India’s GDP. Family businesses provide utility to customers, generate jobs, fund startups and have a key role to play in achieving the (USD) 5 trillion economy”, Sinha added.

The awards ceremony, which will assemble a power-packed list of the who’s who of policymaking and industry, will celebrate the indefatigable spirit of enterprises spanning a raft of sectors that are playing a vital role.


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