Kathua industrialists welcome Rs 28,400 crore industrial package announced for boosting economic growth in J-K

Industrialists in Kathua district rejoiced at the Jammu and Kashmir administration's announcement of a new industrial package of Rs 28,400 crore, aimed at boosting economic growth in the Valley.

The package, which was launched by Jammu and Kashmir Lieutenant Governor Manoj Sinha recently, comes at a time when the Valley faces a financial crunch and employment crisis due to the COVID-19 pandemic.

Many have declared that the economic reform package will enhance resources for growth and employment.

Ajit Bawa, president of the Kathua Industrial Unit Association said several people would greatly benefit from the package, especially after the financial ruin caused by the COVID-19 pandemic.

"We are happy to get such a good package for industrial growth. Now industries will get a boost and several youths will get jobs. After the COVID-19 pandemic, so many people came back home after losing their jobs. With the announcement of this package, new industries will be set up. Even industries lying dead will be revived thanks to the incentives in all sectors of finance, banking, GST and tax rebates," Bawa said.

He said the new land law gave them the opportunity to purchase land for industry and for domestic purposes.

The New Industrial Development Scheme 2021 announced by the Jammu and Kashmir administration includes benefits and incentives up to the year 2037.

Several people also expressed happiness saying that this new incentive was bringing opportunities to their doorstep.

"Earlier, we would have to migrate to other states like Punjab, Delhi, Mumbai and Gujarat to get decent jobs. With this scheme, the government has brought opportunities right to our doorstep," said Nikhil Kumar.

Another local industrialist, Vikas Sharma said, "I have been running a cosmetic industry here for 10 years. The industry has suffered during the financially difficult time due to COVID. I am hopeful that the new package will bring relief."

( With inputs from ANI )