Jammu and Kashmir’s economy can be scaled up to Rs 3.60 lakh cr within 5 yrs: Arun Mehta

Jammu and Kashmir Chief Secretary Arun Mehta has said with the collective efforts of the administration and banks, the economy of the Union Territory can be scaled up to Rs 3.60 lakh crore within the next five years.

Mehta stated that the administration is committed to lower the unemployment rate in Jammu and Kashmir to below the five per cent mark and directed the banks to provide its facilities in identified uncovered villages by March 31.

''With the collective efforts of the government and banks, the economy of Jammu and Kashmir, which is presently at around Rs 1.80 lakh crore, can be scaled up to Rs 3.60 lakh crore within next five years,'' Mehta said.

Chief Secretary and Deputy Governor of Reserve Bank of India, M K Jain on Friday co- chaired the “special meeting of J&K level bankers’ committee” to review the measures taken by banks in enhancing the flow of credit in UT.

Informing that digitisation of land records in Jammu and Kashmir has been completed and access to land records has been made available online, the chief secretary impressed upon banks to expedite lending by hassle-free and expeditious verification of records.