Srinagar, Sep 25 (PTI) Lieutenant Governor Manoj Sinha on Sunday asserted that unprecedented progress was being recorded across all sectors in the union territory, saying that it has the potential to emerge as a powerhouse of prosperity.

He was addressing the IIT BHU Global Alumni Meet at Santa Clara in California.

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The Lt Governor lauded the efforts of the young IITians for their accomplishment and advancements in emerging technologies and for strengthening the dynamic technology ecosystem for societal transformation.

Sinha conveyed the motto of shared effort and progress for all and urged innovators and entrepreneurs to contribute to India's growing knowledge economy.

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"Development is powered by technology and innovation. India has created vibrant and fastest growing innovation ecosystems in the world and has helped create several thousands of startups and over 100 unicorns attracting huge investment," he said.

"I urge entrepreneurs to invest in India, the cradle of civilization and the most attractive investment destination of the world," the Lt Governor added.

He also discussed the progressive industrial policy of the union territory made under the guidance of Prime Minister Narendra Modi, highlighting the immense potential and opportunities in different sectors to start industrial and business ventures that will also create job opportunities for the youths.

JK has the potential to emerge as a powerhouse of prosperity. It should be our shared goal to tap immense resources and talents to ensure a better life for all our citizens, he said.

Paying tributes to Mahamana Pandit Madan Mohan Malaviya, Sinha said the achievements of IIT BHU Alumni both in India and overseas are testimony to values imparted in IIT BHU and the strong foundation for modern education laid by Mahamana.

"I am confident these deep and abiding ties with my alma mater will continue to grow," he added.

While discussing developments in the digital economy, and innovative tech startups with innovators, entrepreneurs, the governor said the prime minister on August 15, 2021, had clearly established the importance of startups and young innovators by terming the coming decade as India's Techade and that the Indian Techade will be built by young Indian innovators.

India is now the new land of opportunity, achievement, knowledge, and human capital. We are emerging stronger from the pandemic and we are now the world's fifth largest economy, which is one of the biggest stories of the decade, he said.

I urge you to make in India and contribute in strengthening the research and innovation ecosystem, said the Lt Governor.

The Lt Governor said the world has recognised the transformation in the Indian economy and the potential of the Indian market in terms of achieving global scale in quality and output.

He said various core sectors with the best incentives, connectivity, energy and transport linkages are offering a conducive investment and growth climate and India is on the path to becoming the innovation capital of the world.

Sinha also recalled the significant contribution of Mahamana Pandit Madan Mohan Malaviya to the country's first industrial policy.

Mahamana had recommended mechanisation in agriculture, abolition of tax on agricultural production, promotion of railways and commerce in the industrial policy and setting up of shipbuilding and manufacturing units, he said.

He also initiated the opening of commerce and industries departments in all the states to promote industrial development, the governor added.

Sinha highlighted the transformation taking place in Jammu Kashmir and the unprecedented progress recorded across all sectors.

"In the last two years, we have built a business-friendly climate for investors and JK has emerged as one of the favourite destinations to set up industries and other business ventures," he said.

The aspirations of the youth of JK have been synchronised with the aspirations of the country today and the golden period of industrial development of JK has been ushered in through the new industrial development policy of the Prime Minister, he added.

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