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Industrialization Is the Most Powerful Tool for Massive Economic Development: Mr Saurabh Bhagat.At CII Invest North

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Industrialization Is the Most Powerful Tool for Massive Economic Development: Mr Saurabh Bhagat.At CII Invest North Industrialization is the most powerful tool for massive economic development: Mr Saurabh Bhagat.at CII Invest North Rs 5000 crore worth of investments proposals discussed at CII Invest North Government determined to give fresh impetus for industrial growth in the State: Mr Tanvir Sadiq Stressing on industrialization as the most powerful tool for massive economic development in Jammu and Kashmir, Mr Tanvir Sadiq, Political Secretary to Chief Minister, Jammu and Kashmir, urged the industry for investments to the hinterlands of the state to propel inclusive development. He was addressing the Session - 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. “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% on investment in plant and machinery to all new upcoming 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% premium reimbursement to all new and existing units on their substantial expansion for the similar period”, he added. Calling for support from Media, he said that media can play an effective role in getting the state rid of the disturbed state perception as it hampers the growth of the state. J&K has been rapidly moving forward on all vital parameters of growth including infrastructure, investments, agriculture, tourism, etc., said Mr Saurabh Bhagat, Secretary – Industries & Commerce, Government of Jammu and Kashmir. The State is blessed with immense potential for tourism industry to grow and compete with Switzerland on the tourism front added Mr Bhagat. Mr Tanvir Sadiq, Political Secretary to Chief Minister said that Jammu & Kashmir has immense poltential in Horticultuyere and Packaging of Food Processing. He also said that the state is extending its Industrial Incentive Package to 2017. Silk Park, IT Parks and Leather Park are some projects open up for investments. State is also increasing its connectivity as Mughal Road with all-weather connectivity is ready to operate. Some more investments from Libya, Germany and Italy are under the way. Dr Ali, Ambassador, Libya assured of good amount of investments. Indo Italian Chamber of Commerce showed keen interest to propagate investments in the state in the sectors like agri-food, renewable energy, machinery and infrastructure. Deliberating upon initiatives of the State Government to revive tourism 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. Also, the government is formulating an integrated tourism development plan which would combine recreation, leisure, pilgrimage and adventure tourism. Mr Sheikh Imran, Chairman, CII Kashmir Zone was of the view that now perception of doing business in the state is changing. He is investing Rs 146 Crore by the end of this month in different sectors like hotel and transport and about to invest more than 4000 crore in coming months. Taj, Lalit and other brands are also coming with new investments in the state. Mr M Muazzam, Managing Director, J&K SIDCO giving an insight of the current industrial scenario in the state informed that there are tremendous investment opportunities in hydropower sector. In addition to this, government is also seeking investments in micro hydel projects as well as solar panel manufacturing. Mr Anil Mahajan, Chairman, CII J&K State Council &Partner, K C Paint Factory 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. “State of J&K is master of all traits. The 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 Sheikh Imran, Chairman CII Kashmir Zone, Director, Kashmir Sunsilk Pvt Ltd. 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. 27 August 2013 Jammu .
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