J&K inks 456 MOUs for potential investment of Rs 23000 crore

Srinagar: Jammu & Kashmir has reportedly inked 456 memoranda of understanding (MOUs) with different companies to bring in investment worth Rs 23,152 crore.

According to news agency Kashmir News Observer (KNO), 456 MoUs amounting to Rs 23,152.17 crore have been signed by the J&K administration with potential investors since the change of J&K state into a UT.

After the imposition of Governor’s rule in June 2018 when Jammu & Kashmir was still a state, the administration started making efforts to attract investments in different sectors, officials said.

On the other hand, local industries and businesses have been complaining business challenges since the abolition of toll tax system at Lakahnpur and the end of preferential government order system for local industries.

J&K administration had also planned to hold a  business investment event – J&K Global Investors Summit –  but it was postponed due to COVID-19.

The Centre has also unveiled a new industrial development scheme to attract more investment in J&K. The scheme is for the duration of 2021-22 to 2036-37 with financial outlay of Rs. 28,400 crore, however, in the current budget, according to a Parliamentary Committee following J&K’s development issues, the budgetary allocation made in Budget 2021-22 was ‘inadequate’ to meet the actual target.

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