Jammu and Kashmir Lieutenant Governor Manoj Sinha has launched an industrial development scheme amounting to Rs 24,800 crore for the Union Territory on Thursday.
"The industrial scheme is from the period of the date of notification up to the year 2037 with a total outlay of Rs 28,400 crores. This will encourage new investments, substantial expansion and nurture existing industries in Jammu and Kashmir," the Lieutenant Governor said.
Sinha said the new policy is expected to generate employment for 4.5 lakh people resulting in the socio-economic development of the region. Further, the scheme boosts the industrial development to the block level developing the far-flung areas of Jammu and Kashmir.
"In the last 16 months, Jammu and Kashmir have been transformed into a land of opportunity with forward-looking policy to guarantee prosperity and economic success," he said.
"The total amount that was disbursed by the Central government in industrial policy till 2019 was merely Rs 1,123.84 crores while the new policy has an outlay of historic amount of Rs 24,800 crores," he pointed out.
Sinha also announced that Jammu and Kashmir would likely to have metro rail projects in 2023.