J-K Invests Rs 2079.76 Crores,Sparks Development Across Sectors in FY 2023-24

J-K Invests Rs 2079.76 Crores,Sparks Development Across Sectors in FY 2023-24

Asif Iqbal | December 16, 2023 | 10:36 AM IST | Jammu Kashmir | Follow on Google News

J-K Invests Rs 2079.76 Crores,Sparks Development Across Sectors in FY 2023-24.image/KL

J-K Invests Rs 2079.76 Crores,Sparks Development Across Sectors in FY 2023-24

In the financial year 2023-24, up to October 31, the Jammu and Kashmir administration has injected a substantial investment of Rs 2079.76 crores, significantly boosting the developmental landscape of the region.Official records reveal that cumulative investments in the Union Territory (UT) from 2019 to October 31, 2023, have reached a total of 5319.35 crores, spread across different fiscal years.

The fiscal year 2019-20 witnessed an initial investment of 296.64 crores, constituting 5.58% of the overall sum. Progressing to 2020-21, there was a notable increase, with an investment of 412.74 crores, representing 7.75% of the total funds. The subsequent fiscal year, 2021-22, maintained the commitment with investments of 376.76 crores, accounting for 7.08% of the total outlay.

The ongoing fiscal year, 2022-23, has seen a substantial upswing with investments of 2153.00 crores, constituting 40.47% of the total. From the beginning of 2023 until October 31, an additional 2079.76 crores have been invested, contributing 39.08% to the overall allocation, according to the data. In total, 53 projects are currently being implemented by 15 Ministries/Departments in the UT, covering sectors such as Roads, Power, Health, Education, Tourism, Agriculture, and Skill Development.

Notably, 32 projects have been completed or substantially completed.The data further indicates progress in various sectors, including the operationalization of 7 new Government Medical Colleges, addition of BSc Nursing and BSc Paramedic Colleges, an increase in MBBS and PG Medical Seats, and the establishment of IIT Jammu/IIM Jammu institutes.

The Hydro Power generation sector has signed MoUs for the development of 5 Mega Projects with a total capacity of 4134 MW, attracting an investment of Rs. 34,882 Cr.Under the Pradhan Mantri Gram Sadak Yojana (PMGSY), 6,912 Km road length has been constructed in the last three years. Additionally, significant achievements include the up-gradation of the Jammu-Srinagar National Highway, doubling of Air Traffic, and implementation of Smart Pre-paid metering in J&K.

The Jal Jeevan Mission has provided tap water connections to about 13.54 Lakh rural households, and the industrial sector has witnessed an investment of Rs. 2153.45 crore in 2022-23, with a total investment of Rs. 2079.76 Crore realized up to October 2023. Handloom and Handicraft Exports have doubled from Rs. 563 Crore in 2021-22 to Rs. 1116.37 Crore in 2022-23.Approximately 2900 hectares of high-density plantation, including 320 hectares for apples and 2400 for sub-tropical fruits, have been covered, promising increased income for growers.

The PM Kisan scheme has provided financial support to eligible farmers in J&K, and various initiatives, such as GI Tagging for Kashmiri saffron and the establishment of a Saffron Park, aim to promote local products on national and international platforms.

The tourism sector has made significant strides, with J&K hosting the 3rd Tourism Working meeting of G20, and witnessing over 1.88 crore tourist arrivals in 2022 and 1.85 crore arrivals till October 23 in the current year.In the health sector, the AB-PMJAY-SEHAT SCHEME provides universal health insurance coverage, benefiting 82.22 lakh registered beneficiaries.

The government has also recorded a substantial increase in coverage under various scholarship schemes.The Tribal Affairs Department has undertaken noteworthy initiatives, including the establishment of hostels, smart schools, coaching facilities, Eklavya Model Residential Schools, skill development, and scholarships for tribal communities.The government has been proactive in addressing employment generation, with 31,830 selections (Gazetted and Non-Gazetted) finalized by recruiting agencies after 2019. Efforts in the art and culture sector include resource realignment and IT initiatives to preserve, conserve, and restore cultural values.

The government emphasizes 100% saturation of various schemes in the UT, with a focus on providing basic amenities and using technology for targeted interventions.

Notably, a New Central Sector Scheme for Industrial Development of Jammu & Kashmir has been introduced, along with several policies to make the region an investor-friendly destination, reflecting the government’s commitment to holistic development.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.