Jammu, Dec 24: Jammu and Kashmir Chief Minister Mufti Mohammed Sayeed has said availability of institutional finance to the state would help in building a sound infrastructure base and generating greater economic activity. Investment in the state is in fact investment in peace and everyone has to contribute towards this, Sayeed said while interacting with Housing Development Finance Corporation (HDFC) chairman Deepak Parekh here yesterday.
Commending HDFC for opening its office in Jammu earlier and setting up its bank branch, he said their presence in the state would facilitate funding of projects in infrastructure and services sectors.
He said the security scenario in the state was congenial for investment with timely loan recoveries.
Sayeed asked the corporation to explore possibilities for investing in mini and micro-hydel projects as the state had abundant potential for private investment. He said the government has already floated tenders for 12 such projects.
Bulk loans would be advanced to Srinagar and Jammu development authorities for housing colonies and allied projects to modernise and upgrade civic amenities, he said.
The government has decided to develop tourist resorts with private sector involvement at Pahalgam, Gulmarg, Sonamarg, Patnitop and several other destinations and HDFC could also invest in these ventures.
Bureau Report