LG Invites Leading Indian Business Families to Invest in J&K

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Said UT received investment proposals worth Rs 52,000 Crore

Srinagar- Lieutenant Governor Manoj Sinha on Friday invited leading Indian business families to invest in Jammu and Kashmir, promising the best facilities for investors among all states and union territories across the country.

“I call on all big family businesses to come and invest in Jammu and Kashmir. I assure you that the best facilities among all states and union territories will be provided to you at J&K,” Sinha said.

The LG made the remarks during its keynote speech at the Moneycontrol PRO Indian Family Business Awards 2021 event held in Mumbai on Friday.

Sinha, who was the chief guest at the inaugural edition of the awards, said the overall business environment has been given a boost in the Union territory, with increased collections of GST, excise, sales tax and stamp duty.

“Today, the state has investment proposals worth Rs 52,000 crore,” Jammu & Kashmir LG Manoj Sinha said, adding that the Union Territory is witnessing economic recovery since the repeal. of Article 370 in August 2019.

He said that although the COVID-19 pandemic has affected growth plans, his administration continues to focus on improving the region’s economy.

“There is also a culture of family businesses in Jammu and Kashmir. Family businesses have played a key role in the handicraft, pashmina, carpet and horticulture industries,” Sinha said, adding that the administration had provided assistance to all businesses in the region during the COVID-19 period.

The LG further said that the IMF’s GDP projection puts India at its highest for 2022 and shows that rapid growth can only happen due to rapid economic reforms. He said credit goes to Prime Minister Narendra Modi for accelerating the process of economic growth.

“Family businesses now contribute up to 80% of India’s GDP. Family businesses provide services to customers, generate jobs, fund startups and have a key role to play in delivering the $5 trillion economy,” Sinha added.

The awards ceremony, which will bring together a powerful roster of the who’s who of policy-making and industry, will celebrate the tireless spirit of companies spanning a multitude of sectors that play a vital role.

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