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Investment promises of 
17 billion in Kashmir
Tuesday, 04 November 2003, 20:30 IST
JAMMU: The political outlook might be uncertain but business prospects in Jammu and Kashmir look distinctly bright with investment promises of 
17 billion in the industrial sector in the last one year.
Giving details, Deputy Chief Minister Mangat Ram Sharma said these proposals were for setting up medium, large and small-scale industrial units in the state.
He counted it as one of the biggest achievements of the department of industry and transport, which he heads.
The state has been witnessing dark patches in the industrial sector because of 14 years of militancy that has claimed more than 40,000 lives and resulted in the closure of more than 2,400 industrial units, big and small.
But the state was seeing a turnaround with what Sharma claimed "improvement in the situation".
"We have created an atmosphere of confidence within the state and that has boosted the morale of the outsiders as well," he said in an assessment report of the industries department.
The proposed projects were expected to generate employment for more than 15,000 educated youth.
"Investment and employment are signs of changing times in Jammu and Kashmir under the coalition government," said the Congress party leader.
The Congress is the major partner in the multi-party coalition government that completed its first year in office Sunday.
According to Sharma, 144 proposals with an investment of 9.9 billion for setting up units like food processing and polyester yarn are under examination with the federal ministry of commerce and industries.
Of these, nearly 50 percent of the proposals have been finalised. These projects would give employment to about 10,000 educated unemployed.
In addition, the state has also other offers, including an investment of 4 billion from several national companies, he said.
For instance, Berger Paints have come up with a 250 million unit. The project would be completed in the next six months and would generate employment for 120 people.
Similarly, Sharma said, two proposals worth 2 billion each for setting up textile industries in Kathua have also been received from multinational companies.
Moreover, the government has recently signed a Memorandum of Understanding with the Central Leather Research Institute, Chennai, to promote the leather industry in the state, he said.
Source: IANS
17 billion in the industrial sector in the last one year.
Giving details, Deputy Chief Minister Mangat Ram Sharma said these proposals were for setting up medium, large and small-scale industrial units in the state.
He counted it as one of the biggest achievements of the department of industry and transport, which he heads.
The state has been witnessing dark patches in the industrial sector because of 14 years of militancy that has claimed more than 40,000 lives and resulted in the closure of more than 2,400 industrial units, big and small.
But the state was seeing a turnaround with what Sharma claimed "improvement in the situation".
"We have created an atmosphere of confidence within the state and that has boosted the morale of the outsiders as well," he said in an assessment report of the industries department.
The proposed projects were expected to generate employment for more than 15,000 educated youth.
"Investment and employment are signs of changing times in Jammu and Kashmir under the coalition government," said the Congress party leader.
The Congress is the major partner in the multi-party coalition government that completed its first year in office Sunday.
According to Sharma, 144 proposals with an investment of 9.9 billion for setting up units like food processing and polyester yarn are under examination with the federal ministry of commerce and industries.
Of these, nearly 50 percent of the proposals have been finalised. These projects would give employment to about 10,000 educated unemployed.
In addition, the state has also other offers, including an investment of 4 billion from several national companies, he said.
For instance, Berger Paints have come up with a 250 million unit. The project would be completed in the next six months and would generate employment for 120 people.
Similarly, Sharma said, two proposals worth 2 billion each for setting up textile industries in Kathua have also been received from multinational companies.
Moreover, the government has recently signed a Memorandum of Understanding with the Central Leather Research Institute, Chennai, to promote the leather industry in the state, he said.
Source: IANS