A turning point

30/09/2022

Jammu and Kashmir's new industrial policy has proven itself to be a turning point in the history of the Himalayan region as it launched a 'golden period' for industrial development in the Union territory with an outlay of Rs 28,400 crore. It has been noted that several conglomerates across the country have invested in the UT after the abrogation of its special status (Article 370) on August 5, 2019, which also bifurcated the erstwhile state into two Union territories - Jammu and Kashmir and Ladakh. Despite the investors being keen to set up their ventures here, no outsider could purchase immovable property in Jammu and Kashmir as it was considered a "no-go area" under Article 370 of the India Constitution, which was a temporary provision. Prominent conglomerates like the Lulu Group, Apollo, EMAAR, and Jindal are among the few business groups that have invested in the Union Territory in the recent past. Moreover, the J&K administration has signed several Memorandums of Understanding (MoUs) with Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC, Century Financial, and Noon E-commerce, respectively.
So far, the UT has received proposals worth Rs 52,155 crore for investment in one year and many more are coming, which would continue to benefit the people of J&K. The people here are availing the benefits as Prime Minister Narendra Modi took this bold move to end the 70-year-long status-quo of the erstwhile princely state which has now opened it to the world. PM Modi and Union Home Minister Amit Shah on August 5, 2019, had assured the people in the Himalayan region that a new dawn has broken out here and both the leaders have kept up their promises by putting Jammu and Kashmir on the path of peace, prosperity and development. The region has now become the most preferred place for investors with the huge financial packages for industrial development as the incentives offered have attracted them (investors). Terrorism has reduced significantly now in the UT as the sacrifices rendered by the security personnel while fighting terrorism have led to the return of normalcy.
A new world has opened up for the youth as they are being provided with financial assistance and the requisite training to become successful entrepreneurs. In the ongoing fiscal year, 53,299 aspiring entrepreneurs have been granted financial assistance of around Rs 1,840 crore. The government is working on a two-pronged plan for building an entrepreneurial ecosystem in J-K as a result of which several reputable investors are investing and assisting new entrepreneurs in turning into job providers. The ground situation in J&K has changed and the change has opened up new vistas for the people, who faced a Pakistan-sponsored onslaught for three decades. The change is irreversible and Jammu and Kashmir's emergence as a powerhouse of prosperity is ample proof of it.

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