“The Industrial revolution was another one of those extraordinary jumps forward in the story of civilization”
– Stephen Gardiner
The Government of India has taken many initiatives in the UT of Jammu and Kashmir to accelerate its economic growth. The Government of India has also planned to set up Special Economic Zones (SEZs) in the UT to attract investments and boost industrialisation. These zones will offer a number of incentives to investors, such as tax exemptions, relaxed land use policies, fast-track procedures for permits and licences and single-window clearance for licensing process. Therefore, it is essential for entrepreneurs interested in investing that they look into the probable SEZs in Kashmir.
Once these economic zones are established in Kashmir, they are expected to act as a catalyst for economic growth in the region. They will help generate employment and have a positive impact on the UT’s economy. They will also help investors and entrepreneurs by providing them with business-friendly incentives and benefits, allowing them to focus on their core businesses. These zones will help to attract foreign direct investment (FDI) in the UT with ease as the investors always look for regions those are business-friendly. Establishing SEZs in Kashmir will make the UT more attractive for both domestic and international investors.
The administration is now deciding upon locations in Kashmir which houses Special Economic Zones. Some of the potential locations include SRINAGAR, a well-known industrial hub and one of Kashmir’s potential Special Economic Zone, which is also the UT’s capital and oldest trading hub. It has a rich history of manufacturing, which includes traditional crafts, synthetic fibres and contemporary businesses like paper and carpets. Next comes ANANTNAG, which is one of the most picturesque region in race to be declared as Special Economic Zone. Anantnag has significant businesses like paper, synthetic fibre and food processing. The development of SEZs in Anantnag is anticipated to boost the local economy. It is also predicted that this will increase the job opportunities. BARAMULLA & PULWAMA are two other locations likely to be nominated as Special Economic Zone. Baramulla has a significant industrial history that dates back to the Dogra era. The industries that process paper, fibre, and food are located here. Pulwama, a region distinguished by its agriculture industry is anticipated to increase investment in the region’s tourism industry.
There are many benefits for entrepreneurs who wish to set up their businesses in SEZs in Kashmir. One of the most important is Increased Foreign Direct Investment in Kashmir. The main objective of setting up SEZs in Kashmir is to attract investment. Once investors establish their presence in the UT by setting up factories, there is potential for them to expand their businesses. Investments from outside the UT will also benefit the citizens of Kashmir by increasing their employment opportunities. The setting up of SEZs in Kashmir will encourage existing industries to expand and attract new industries. This will create more employment opportunities for the Kashmiris. Setting up SEZs in Kashmir will allow investors to start their businesses faster and with less red tapism. The government is expected to simplify the licensing procedures for investors in SEZs. This will make it easier for entrepreneurs to start their businesses in Kashmir, paving way for local start-ups.
The UT of Jammu and Kashmir needs to boost its economy in order to attract foreign direct investment. Therefore, it is essential that they establish special economic zones in Kashmir so that investors can set up their businesses with ease. There are many areas that might be chosen for setting up SEZs in Kashmir. Once the areas have been identified and approved, the government of UT is expected to make the formal announcement.
SEZs are definitely going to bring in new investments in Kashmir, will provide new job opportunities to the youth and going to be one of the several steps towards achieving the aim of economic development in Kashmir.