New policy to create Rs 25k-30kcr investment: J&K L-G Manoj Sinha
The new professional policy for Jammu and Kashmir that was announced in January last would generate an investment of Rs 25,000 to Rs 30,000 crore in the next two years and create as much as five lakh jobs, Lieutenant Governor Manoj Sinha told THE BRAND NEW Indian Express recently.Although a guy of few words as he believes in his work doing the talking, the Lt Governor revealed that 25,000 vacant posts in government departments have been advertised and the recruitment process will be transparent.
Under a grey sky at Raj Bhawan’s guest lounge that overlooks the famed Dal Lake and the invigorating Tulip garden, Sinha described the Rs 28,400 crore outlay for the brand new policy as an enormous initiative to usher professional revolution in J&K.
Asked about the response of investors, he said, “We are receiving good response. Actually, each day, we get calls from 4-5 investors exploring possibilities to create units in J&K.” After the hollowing out of Article 370 and 35A by the Centre on August 5, 2019, the J&K government had planned to carry its first Global Investors Summit in October that year nonetheless it could not be held because of various reasons.
That didn't distract Sinha, who took over as second Lt Governor on August 5 last year, as he quickly picked up the threads to govern the arguably toughest administrative unit in the united states. His result-oriented design of functioning is apparently drawing investors. “We will give capital investment incentives. Those investing in Category A get 30% incentive while those in Category B get 50%,” Sinha said.
To make certain that incentives are properly useful to set up commercial units, “our government gives them incentives only on GST billing,” Sinha added. The GST linked initiative would total 300% of the eligible value of actual investment manufactured in plant and machinery or building construction for a decade. The J&K government has discovered 24,000 kanals of land in several districts to create industrial estates. It really is, however, yet to be decided if the land will be on lease or would the investors get proprietary rights.
Asked to quantify the total investment and the amount of jobs the federal government expects to create, Sinha, a practiced politician from Uttar Pradesh and a three-time MP, said, “Going by the huge response, we expect an investment of Rs 25,000 to Rs 30,000 crore in different sectors in the next two years. The investment will create about 5 lakh jobs.”
On plans to launch a recruitment drive, he said, “The government has advertised 25,000 vacant posts in several departments up to now.”Assuring transparency in recruitment, Sinha said, “We've a comprehensive anticipate filling government job vacancies. All recruitments will be achieved in the most transparent manner.”
