Srinagar Metro Will Hire 1300 Employees; Kashmir Will Get IITs, IIMs, Investor’s Summit Planned
This week, Govt. of India made a historic decision, and scrapped Article 370, which gave Jammu & Kashmir special status, and prevented development related activities.
Ever since this happened, new and exciting developments have happened, which will lead to progress and prosperity in the region.
Srinagar Metro Will Hire 1300 Employees
One of the biggest news coming in is regarding Srinagar Metro.
This would be valley’s first metro project spanning 25 kms, and divided into two corridors: Indira Nagar to HMT Junction and Hazuribagh to Osmanabad. Rs 5000 crore has been allocated for this project, named as The Light Metro Corridor.
Srinagar Metro will now hire 1300 people, who have degrees in degrees in architecture, civil engineering, signal electronics, traffic management, IT and more.
J&K governor Satya Pal Malik has confirmed that work on the metro will start soon. While 21.2% of the cost of the project will be managed by the Centre, J&K Govt. will pool in 21.2% of the cost, while the rest will be arranged via loan from commercial banks under a Special Purpose Vehicle.
It is being estimated that the first 5 years will yield revenues of Rs 146 crore, the project has a potential of generating Rs 1200 crore per year revenues, giving a big boost to the local economy.
Investor Summit In Jammu & Kashmir
Govt. is also planning a massive investor’s summit in the Kashmir, which will happen in the month of September-October.
Confederation of Indian Industries (CII) will be conducting this meet, which is expected to attract investments from healthcare and manufacturing.
This will be Jammu & Kashmir’s first ever investor’s meet.
Because of Article 370 and Article 35A, there are no big hospitals there in Kashmir, which will now change. Home Minister Amit Shah has already stressed on the need for improving health care structure in the state.
More Developments in Kashmir
Govt. is also keen to open atleast one IIT and one IIM in Kashmir, thereby giving a boost to educational reforms, and bringing Kashmir into the mainstream economic highway.
Besides, after scrapping of Article 370, Govt. is keen to kickstart several hydel projects in the new state of Jammu and Kashmir.
NHPC Ltd, the largest supplier of electricity in Kashmir is aiming to launch several hydropower projects in the region, totaling 3,814 megawatts (MW) of power via JVs and partnerships.
This includes 800MW Bursar project and the 850MW Ratle project, wherein Rs 6,215.61 crore will be invested by J&K Govt.
Other hydropower projects include Pakal Dul (1,000MW), Kiru (624MW) and Kwar (540MW), which involves investment from Chenab Valley Power Projects Pvt. Ltd—with Jammu and Kashmir State Power Development Corp. Ltd (JKSPDC) and the country’s largest electricity trader, PTC India Ltd.
More details are awaited.