Post abrogation of Article 370 from J&K, Kashmir valley becomes investors most sought out destination

Jammu and Kashmir is witnessing tremendous change in economic activities after decades of violence post abrogation of Article 370. Change is clearly visible on the land as investors from throughout India has expressed their interest in setting up industry in Kashmir valley. Of the total investment proposal’s received by the J&K government so far, 75 percent of them seeking land in Kashmir.

Jammu and Kashmir government has received 5808 investment proposals till May, of which 1477 have expressed their willingness to seek land in Jammu region while the rest which makes about 75 percent of total proposals are seeking land in Kashmir valley.

Almost 50 thousand kanal of land has been demanded by the investors to set up new industrial units in the UT. Many investors have applied for more than 100 or 200 kanals of land for setting up large scale units to provide employment opportunities to the youth.

For the new industrial units, Kathua district of Jammu region has emerged as the most sought out destination of the investors.

Besides Kathua, new land is also being identified in Samba, Jammu and Udhampur districts. In Kashmir valley, land is being identified in Kamoh, Ganderbal and Bandipora for setting up industrial units. It is pertinent to mention here that before the abrogation of Article 370, there were not many investments in J&K.

The elimination of certain hurdles has led to a conducive business atmosphere. Due to stability in the region, foreign businesses are considering investment opportunities here. The Indian government is aware that investments play a key role in the economic development of any region. Hence, it is leaving no stone unturned to establish a framework for increasing the regions’s manufacturing viability and economic growth.

After the abrogation of Article 370, the execution of new roads, tunnels and other basic infrastructure has gained momentum to ensure the overall development of Jammu and Kashmir.

In a first, a FDI of whopping Rs 250 cr has been made in Srinagar where `Mall of Srinagar’ is being built by UAE based Emaar group whose foundation stone was laid by LG J&K. Two IT towers of worth Rs 150 cr each are also being built in the capital cities of Jammu and Srinagar by the Emaar group.

For industrial land, applications are being received through single window portal. Rs 65000 cr investment proposals are being expected from 5800 investment applications which will provide employ opportunities to more than 3.12 lakh people.