Since Article 370 was abrogated in August 2019, Jammu and Kashmir has seen several improvements in political and economic landscapes. Due to the country’s strong leadership and increased stability in the region, foreign business houses are considering investment opportunities here like never before. Jammu and Kashmir has now become a subject to 890 central laws, while 250 unfair state legislations have been eliminated. Additional 130 state legislations have undergone changes. From a business perspective, the Union Territory of J&K has the power to give industries a chance to compete, make corrections, and work together with readily available rich resources.
The elimination of these obstacles have increased the likelihood of investment and industry growth. The Lulu Group, Apollo, EMAAR, and Jindal are among the few commercial organisations that have invested in Jammu & Kashmir. The UT has inked five more Memorandum of Understandings (MoUs) with Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-commerce, respectively.
Any society in the modern world, regardless of its location or geography, depends on investment to grow quickly. The region is now emerging as a centre for economic investment. The powerful economies of the Middle East, particularly the UAE, are investing in Jammu and Kashmir with significant interest. The record investment numbers speak for themselves. Investment statistics are at an all-time high. Jammu and Kashmir has received investment offer worth Rs 52,155 crore in the past year.
In contrast to the amount of 39,022 kanals requested for the construction of essential units, about 17,970 kanals of land has already been allocated throughout both Jammu and Kashmir divisions. In order to promote fresh investment and bring industrial development to the block level, the J&K administration introduced a new industrial development scheme with an outlay of Rs 28,400 crore in January of last year. The new regulation, valid until 2037, also made it possible for more prominent investors to invest in J&K. Jammu and Kashmir, which has transformed from a dormant business hub to a place where opportunities abound. In 2021, the Union Territory attracted investments of USD 2.5 billion, showcasing the region’s vast opportunities and business potential.
The administration has been at the forefront of efforts to secure a big, historically significant investment for Jammu and Kashmir. Even the Prime Minister met the delegates from the United Arab Emirates seeking business opportunities in Jammu and Kashmir, noting that private investment bids in the Union Territory have topped Rs 38000 crore. The government is fully aware that investments play a crucial role in economic development because they lead to the accumulation of public wealth as well as advancements in science and technology. As a result, a framework for increasing the region’s manufacturing viability and economic growth is established.
In a recent meeting with business leaders and representatives of different industrial associations from all over Jammu and Kashmir, Lt. Governor Manoj Sinha stated that the UT government was constantly working to improve the investment climate in Jammu and Kashmir. The meeting discussed ways to support regional industries and pave way for ease of business. The Jammu and Kashmir government established a five-person committee on June 23 to communicate with the Minister of External Affairs regarding the G-20 meetings. India is starting to get ready for the big event, and its neighbours, Pakistan and China in their ever-regressive modus operandi, are already complaining. Both have objected to India’s plan to host conclave-related meetings in Jammu and Kashmir. Without a doubt, the investment environment in Jammu & Kashmir has changed drastically over the past few years against the backdrop of abrogation and numerous other changes.