Union Finance Minister Nirmala Sitharaman said that Jammu & Kashmir is going through a rapid development phase. After 2019 several pending projects have been completed and benefits are now reaching the eligible persons. She assured that economy of J&K will double in the coming years.

Finance Minister Nirmala Sitharaman, who is on a two-day visit to Jammu and Kashmir UT, said this while addressing a gathering at a function organized in the University of Jammu.

Nirmala Sitharaman invited investors to come forward and establish more trades in J&K.

Every budgetary and financial support would be extended to J&K, she assured. NPAs of banks were a cause of worry and NDA govt has taken several steps for reforms in the banking sector and bringing down the NPAs, she said. Union Government will work in close coordination with administration of J&K in bringing all schemes of GOI here in J&K, Sitharaman said.

On the occasion, Finance Minister also handed over the token sanction letters and cheques to various beneficiaries financed by banks and financial institutions under different schemes launched by GoI.

Finance Minister also handed over ₹ 200 Crore Sanction Letter to Ranjan Prakash Thakur, Principal Secretary, Industries & Commerce, Govt. of J&K under SIDBI Cluster Development Fund.

Sitharaman also e-inaugurated several projects and also laid e-foundation of different projects across UT of J&K.

Lt. Gov. Manoj Sinha in his address said beneficiaries of all schemes will take Jammu forward on the path of development. After neglecting Jammu for more than 72 years, only now several reforms are taking place in the last two years. Efforts have been made to provide a special platform to women and youth, he added.

Lt. Gov. Manoj Sinha said that Jammu Kashmir has a capacity of 18-20 thousand mega-watt power generation and efforts are on to achieve the same. 200 new power stations have been made across J&K.