JAMMU: Jammu and Kashmir has witnessed the establishment of 1,984 manufacturing units with a cumulative investment of ₹9,606.46 crore from 2019 until December 2024, leading to job creation for 63,710 individuals, as per the latest Economic Survey.
The industrial sector continues to grow, with 334 additional units commencing operations in the financial year 2024-25 (until December), attracting ₹2,977 crore in investments and providing employment to 8,443 people.
The Government of India’s New Central Sector Scheme (NCSS), launched in 2021 with a financial allocation of ₹28,400 crore for J&K’s industrial development, has received an overwhelming response and is now fully subscribed.
The scheme, offering various incentives such as Capital Investment Support, Interest Subvention on Capital, GST-Linked Incentives, and Working Capital Interest Support, closed registrations on September 30, 2024, with 971 applications approved. These projects, amounting to ₹10,471 crore in investments, are anticipated to generate 51,897 jobs.
“J&K has emerged as a preferred hub for industries investing over ₹500 crore, strengthening its position as a competitive business destination. These large-scale projects have fostered the growth of auxiliary industries and significantly boosted employment opportunities,” the Economic Survey states.
“The arrival of these major industrial establishments marks a pivotal shift in J&K’s economic trajectory,” an official familiar with the developments stated. “Beyond direct employment, a thriving ecosystem for smaller enterprises is also taking shape.”
The momentum continues, with 8,306 new proposals received by December 2024, reflecting a proposed investment of ₹1.63 lakh crore and an estimated potential to create approximately 5.90 lakh jobs. These projects would require 79,137 kanals of land for infrastructure development.
To support this industrial expansion, 46 new industrial zones are being developed across J&K. Key public sector enterprises, including NBCC, IRCON, and CPWD, have been entrusted with the responsibility of developing these zones.
“The establishment of new industrial estates is central to our strategy for balanced regional development and large-scale job creation,” a senior government official remarked. “These estates will provide ready infrastructure for businesses looking to set up operations in J&K.”
The Economic Survey underscores that this industrial transformation is set to reshape J&K’s economic structure, reducing reliance on conventional sectors and fostering long-term employment opportunities for local communities.
