Scapia bags $23 million from Elevation, 3STATE Ventures

Scapia bags $23 million from Elevation, 3STATE Ventures

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  • November 21, 2023
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New Delhi: Jammu & Kashmir Lieutenant Governor Manoj Sinha said on Tuesday that the union territory’s industry department has business proposals worth over 86,000 crore from the industry and that work was underway to bring them to fruition.

Addressing an event organised by the Engineering Export Promotion Council, Sinha stressed on the safe and secure business environment in the Union Territory and sought fresh investments from industry players.

Sinha also informed that the UAE-based Emaar Group has announced plans to develop a shopping mall and an IT tower in Srinagar.

Apart from farm sector, J&K has a growing industrial base with 51 industrial estates at present and many more are in the process of being developed, he said.

Sinha said the UT has large producers and exporters of apples, cherries, walnut and other agricultural produce.

“I request you to come and invest. Huge opportunities are there in different sectors. We are providing better incentives than other states to set up industry,” Sinha said, while felicitating engineering export award winners.

The incentives include low power tariffs, capital investment sops and interest subvention, he added.

Sinha also said that tourist inflow has increased and is expected to reach over 2.25 crore this year, as against 1.88 crore last year.

“Jammu and Kashmir offers you endless opportunities. The number of trains and flights connecting the Union Territory are also increasing,” he said.

The Centre through the unique ‘Atmanirbhar Bharat Abhiyaan’ has played a significant role in scaling up export of engineering goods, said Arun Kumar Garodia, Engineering Export Promotion Council (EEPC) of India chairman.


Timely measures helped engineering exports to cross $100 billion for the first time in FY22 after a steep fall to $75.3 billion and $76.7 billion respectively in 2019-20 and 2020-21 from a previously all-time high shipment of $81 billion in 2018-19, Garodia said.

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Updated: 21 Nov 2023, 05:28 PM IST

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