J&K’s economy records growth rate of 9.5 percent: LG

Jammu, Jan 25 (PTI) Jammu and Kashmir Lt Governor Manoj Sinha on Saturday said the local economy has recorded a growth rate of 9.5 per cent, while the GSDP is estimated at Rs 2.45 lakh crore for 2023-24, up from Rs 2.20 lakh crore in 2022-23.

Addressing people on the eve of 76th Republic Day from Raj Bhawan here, Sinha said, “It is our collective responsibility to maintain peace and harmony, ensuring that the dreams of our youth are not hindered by divisive forces.”

The Lt Governor said for further strengthening and ensuring peoples’ participation at a broader level, elections for local bodies will be conducted for establishing three-tier governance structure.

“Jammu and Kashmir’s economy has recorded a growth rate of 9.5 per cent which is driven by sustained government initiatives and strategic policy measures.

“GSDP of J&K is estimated at Rs 2.45 lakh crore for 2023-24, up from Rs 2,20 lakh crore in 2022-23. This positive trajectory highlights the effectiveness of ongoing economic development strategies, infrastructure advancements, and business-friendly policies,” he said.

He started his speech by extending greetings to every citizen of Jammu and Kashmir and said, “This day reminds us of the enduring values enshrined in the Constitution of India. It is a day of pride, reflection, and reaffirmation of our commitment to democracy, justice, liberty, equality and fraternity.

“Let us honour our freedom fighters and martyrs who made the supreme sacrifice to protect and preserve our motherland,” he said.

The Lt governor said J&K has made remarkable strides in sustainable development goals (SDGs) implementation and ranked 2nd among UTs in the SDG India Index 2023-24.

“Specific policy interventions by the Government have enabled to improve the overall score and ranking of Jammu and Kashmir. Data-driven monitoring and policy intervention ensures effective resource allocation and decision making,” he said, adding alignment of SDGs with the budget and facilitating outcome-based monitoring is being planned as the next phase.

“Our journey has been one of resilience and determination, marked by unparalleled achievements in every sphere. Jammu and Kashmir, with its rich heritage, natural beauty, and vibrant culture, has always been a vital part of this journey,” he said.

In a historic stride towards progress, he said the railway is set to connect Kashmir with the rest of the nation, heralding a new era of development, economic growth, and unity.

“Significant strides have been made in road connectivity. Work on Jammu-Akhnoor-Poonch National Highway (NH), Srinagar-Baramulla-Uri NH and Chenani-Sudhmahadev-Khellani-Kishtwar-Khanabal NH is under progress.

“Work on Banihal bypass on Srinagar-Jammu NH has recently been completed and opened for traffic. Work on Delhi-Amritsar-Katra Expressway is under progress, which will reduce the distance between Delhi and Katra to six hours only. Srinagar and Jammu Ring Roads are in advanced stages of completion while construction of Zojila tunnel is also under progress,” he said.

He said eight tunnel projects are in the advanced stages and are likely to be completed by December 2025.

“J&K is also witnessing rapid development in hydropower generation,” he said and referred to various ongoing projects.

The Lt Governor said J&L has made significant strides in industrial development, investment, and employment generation in recent years. New policies, including the J&K Export Policy, J&K Logistic Policy, and J&K Procurement Preferences Policy for Micro and Small Enterprises (MSEs), are under preparation to further boost economic growth, he said.

He said the centre launched a new central sector scheme in 2021 with an outlay of Rs 28,400 crore to boost industrial development in J&K. New Central Sector Scheme package which offers Capital Investment Incentive, Capital Interest Subvention and Working Capital Interest Subvention has encouraged the industrial investment in the UT, he said.

He said 889 units have commenced groundwork out of which 324 industrial units are expected to begin production this year, while 46 New Industrial Estates with all the modern facilities are being developed to attract industries and enhance job opportunities.

Sinha said the administration has also taken necessary steps for fast-track recruitment in government jobs. “In the past four to five years, 40,000 appointments were made based on transparency and merit,” he said.