Jammu: The Jammu and Kashmir’s industrial sector has witnessed remarkable growth, with 1,984 units coming into production since 2019, bringing in an investment of ₹9,606.46 crore and generating employment for 63,710 individuals.
The latest Economic Survey Report 2024-25, tabled by Chief Minister Omar Abdullah, highlights the steady rise in industrial development across the Union Territory.
In the ongoing FY 2024-25, 334 new industrial units have become operational, attracting an investment of ₹2,977 crore and creating jobs for 8,443 people up to December 2024. This surge in industrial activity aligns with the government’s focus on sustainable, equitable, and environmentally friendly industrial growth, as outlined in the J&K Industrial Policy 2021-30.
To further boost industrialization, the Government of India launched the New Central Sector Scheme (NCSS) in 2021, with an outlay of ₹28,400 crore, offering incentives such as Capital Investment Incentive, GST Linked Incentive, and Working Capital Interest Subvention. The scheme has received an overwhelming response, with 971 projects worth ₹10,471 crore approved for registration, leading to the creation of 51,897 jobs.
Additionally, J&K has received 8,306 new investment proposals amounting to ₹1.63 lakh crore, which are expected to generate employment for approximately 5.90 lakh individuals, requiring 79,137 kanals of land for industrial expansion. To accommodate these ventures, 46 new industrial estates are being developed, with leading public sector undertakings like NBCC, IRCON, and CPWD handling infrastructure development.
Jammu and Kashmir’s handloom and handicraft sector continues to be a crucial pillar of the economy, providing employment to 4.22 lakh artisans. The government has introduced initiatives such as QR Code-based certification for authenticity, skill training at 634 centers, and financial support for cooperatives. Handicraft exports have seen a significant recovery post-COVID, reaching ₹1,162.29 crore in 2023-24—double the figures from 2021-22.
J&K’s start-up ecosystem has expanded by 287%, with DPIIT-registered start-ups rising from 237 in 2020 to 917 in 2024, including 333 women-led ventures. The J&K Start-Up Policy 2024-27 and the newly launched J&K Start-Up Portal provide strong financial and policy support, helping entrepreneurs address national challenges through innovation and technology.
Additionally, the government is promoting MSMEs and cooperative sectors through initiatives like the ₹305 crore Strategic Investment Plan (SIP) supported by the World Bank, which focuses on digital financing, skill development, and formalization of MSMEs. The government has also approved the setup of two PM Ekta Unity Malls in Jammu and Srinagar at a cost of ₹255 crore to showcase J&K’s unique products.
Jammu and Kashmir has made significant progress in the Ease of Doing Business (EODB), achieving 97% compliance with the Business Reform Action Plan (BRAP) and integrating its National Single Window Portal with the central platform, making it the first UT in India to do so. Regulatory compliance burdens have been reduced, streamlining business operations.
The PM Vishwakarma Scheme, launched in September 2023, is providing financial and training support to traditional artisans, while the Geology and Mining Department has introduced e-auction initiatives and stringent measures to curb illegal mining, ensuring transparency in mineral resource management.
The cooperative sector has also witnessed notable growth, with 664 new cooperative societies registered in 2024-25, creating 1,223 job opportunities. Additionally, 537 Primary Agricultural Credit Societies (PACS) have been computerized under a Centrally Sponsored Scheme, modernizing operations and enhancing service delivery.
The Economic Survey Report 2024-25 underscores Jammu and Kashmir’s remarkable industrial growth, improving investment climate, and commitment to sustainable development. With major investments, policy reforms, and infrastructure expansion, J&K is emerging as a competitive investment destination, paving the way for economic prosperity and large-scale employment generation.
