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| ASSOCHAM suggests Rs10,000 cr package to boost J&K economy | | |
Early TImes Report
Jammu, Jan 31: Considering that Jammu and Kashmir has not been able to attract even half a per cent of the total live investments made by both the government and private sectors across India, apex industry body the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has suggested an annual special package of Rs. 10,000 crore per year for five years from the central government to give boost to the state's economy.
The ASSOCHAM has suggested that small and medium enterprises (SMEs), food processing, horticulture, tourism and hospitality, IT/ITeS (information technology enabled services), BPO (business process outsourcing) and other potential industries should be involved in this.
"Constant flow of private investments and large industries is imperative to bring about sustainable growth, development, jobs and the long-lasting peace in the valley state," DS Rawat said, national secretary general of ASSOCHAM while jointly releasing the chamber paper along with Babu Lal Jain, chairman, entrepreneur development council at a press conference here today.
J&K has attracted live investments worth over Rs. one lakh crore of the total live investments worth over Rs. 140 lakh crore in India as of December 2012, according to a strategy paper titled 'Special Assistance for Development in J&K,' prepared by the ASSOCHAM research bureau. "The unfriendly investment climate in industrially backward J&K portrays the inhibitions of the private sector because of low supply and demand linkages apart from security and geographic concerns," said Rawat adding that location disadvantage owing to hostile terrain and climatic conditions are certain major problems as main consumption markets of the country are way too far from the production centres in J&K. |
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